UK RETAIL PORTFOLIO: Various, United Kingdom

Highlights A portfolio of 11 town-center shopping centers throughout the UK. Significant uplift from rental growth and developments where most of the space was pre-let or under offer. Limited down-side risk. Defensive portfolio in mostly middle to low income areas catering to value shoppers. Dominant town centre shopping centres with loyal local customer base and limited risk of competition. Low vacancy rates of less than 4% indicates strong retailer demand. Low starting rents (less than £50 PSF ITZA average passing rents) provide strong base for further growth. Largest tenant by rental income accounts for only 2.8% of the total income. 75% of retail income from household name tenants Geographically diverse portfolio with over 619 retail tenants provides strong stable cash flows. National retailers such as Marks & Spencer, Wilkinsons, Boots the Chemist, New Look, Next, Matalans, Dixons, Allsports, SuperDrug, Dorothy Perkins, Laura Ashley, Somerfield, Asda, Safeway, Tesco, Sainsburys, Iceland, KwikSave.   40% of income from leases with expiries of over 10 years 100 to 250 basis point spread between finance costs and property yields through term of investment

French Hotel Portfolio - Various, United Kingdom
Hotel Mercure Orange	Hotel Mercure Arcachon	Park Hotel Aix les Bains	Meridien Part-Dieu-Lyon	Hotel Mercure Macon Nord
Highlights Total purchase cost per room is well below the current cost of constructing hotel rooms. Regionally dispersed portfolio of seven three and four star-rated hotels and one serviced apartment property located in France comprising 830 hotel rooms and 71 serviced apartments. Structured low interest financing. Long term guaranteed lease to a major international hotel operator that provides for the hotels to be operated and managed and branded as either four-star or three-star brands.

RADISSON SAS HOTEL NICE

Highlights Hotel consists of 333 rooms and is situated directly on the Promenade des Anglais in Nice, with sweeping views of the Bay of Nice. Largest hotel in Nice, and has recently been entirely refurbished at a cost of in excess of €20 million to a high Radisson SAS 4* quality. Total purchase cost per room is well below the current cost of constructing hotel rooms. Hotel is operated and managed by Rezidor SAS (the company which operates the Radisson SAS brand) under a long term lease agreement. The owners receive a guaranteed minimum annual rent and from January 01, 2007, the owners become entitled to receive a profit share of the hotel. Rezidor SAS wholly owned subsidiary of SAS Airlines, which itself is part owned by all of the Scandinavian governments, has provided a rental guarantee spread over the lease term. Low interest financing is in place.

86 CHAMBERS STREET: 270 Broadway, New York

Highlights Commercial condominium unit comprising the first seven floors (and basement) of a prime mixed use building in the City Hall district of Downtown Manhattan, New York. Size: 112,000 SF. 90% occupancy at acquisition. 73% of the office space is leased to U.S. Government tenants. Lease Expiry profile: Approximately 83% of the currently leased space has in excess of 7 years remaining. Virtually a brand new "building within a building", benefiting from a $50 million major renovation of the entire building including replacement/upgrade of all mechanical systems. Low vacancy in the City Hall submarket.

	THE SANCTUARY BUILDINGS: 14-26 Great Smith Street, London SW1United Kingdom
	Highlights An opportunity to invest in a landmark headquarters office property, located in the heart of Westminster, London. A Crown Land property, with The First Secretary of State as the tenant (government tenant) for the entire building. Long lease, let until September 2017. With upwards only rent reviews ever four years. The tenant has full repairing and insuring obligations. Office rent at circa £41.50 per sq ft provides opportunity for uplift on rent review. The property is exempt from VAT and therefore VAT will not be payable on the purchase price. The Westminster office submarket has a low current vacancy rate of 2.5%. The objective is to effectively asset manage the Property and increase the rental to the market Economic Rental Value at the next rent review.

	SOUTH DADE SHOPPING CENTER: Miami-Dade County, Florida, USA
	A 219,456 sq ft community shopping center located in Cutler Ridge area of Miami-Dade County, Florida. Publix, a leading Florida department store, anchors the center. Other notable tenants include Bed, Bath & Beyon, Petco and Harbor Freight Tools. Effectively 100% occupied for first 2 years as seller is master leasing the vacant space. Located in a densely populated area with over 120,000 people in a 3-mile radius, with an average household income in excess of $65,000 per year. § The objective is to effectively asset manage the center, re-let at higher market rental rates and exit in 5 years.

	Hayes Park Estate UXBRIDGE , UNITED KINGDOM:
	Highlights Acquisition of a campus style office property comprising 183,192 square feet located to the west of London close to Heathrow airport and the national motorway network 3 self contained Grade A high specification headquarters office buildings fully let to strong corporate covenants: United Biscuits (UK) Limited, Fujitsu Europe Limited and HJ Heinz Company Limited. Long leases with an average unexpired term of 15 years. Tenants have full repairing and insuring obligations. The objective is to effectively asset manage the property and increase the rental to the market economic rental value at the rent review date. Strong investment demand for well located office properties is expected to continue.