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					.20
  75    PER CENT of the
  UK portfolio is let to
 GOVERNMENT BODIES
and LARGE CORPORATES


 77   PER CENT of leases run for

      MORE THAN       5   years




5 YEARS +
                .21
                                            PROPERTY REVIEW                                 (continued)




                                                           UK
In our continued efforts to work the UK portfolio in a down turning market we have concentrated on
retaining existing tenants and enhancing the properties currently held within the portfolio.


During the year we completed the infill between units 2 and 3 at                 Our planning application to build a new tower at London Bridge Station,
Spring Gardens and extended the leases to the Home Office that now               designed by Renzo Piano, has been called in by the Secretary of State
expire between 2010 and 2025. The UK government is now                           and the public enquiry is due to commence on 15 April 2003. We own
responsible for 100 per cent of the rental income.                               a one third interest in the project and in the existing fully income
                                                                                 producing investment property known as Southwark Towers which is
Our serviced offices continue to perform well and made a contribution
                                                                                 let to PricewaterhouseCoopers. We have not taken into account any
during 2002 of £0.5 million. We have expanded the operation at Vista
                                                                                 development hope value in the accounts for 31 December 2002.
and hope to increase the space available at London House in the early
part of 2003. At present we have an average occupation rate of 86.0              Although there has been a further down turn in the UK property market
per cent and are looking into expanding the concept into other                   during 2002 the portfolio continues to perform well. We have
buildings where there are vacant floors.                                         successfully managed to achieve increases on rent reviews at New
                                                                                 Printing House Square, Coombe Hill House, CI Tower and Westminster
We took possession of One Leicester Square from the previous tenant
                                                                                 Tower. The overall vacancy rate by rental income within the UK
in September of 2002 and are actively marketing the premises. We
                                                                                 portfolio has increased to 8.0 per cent, more than half of which is
hope to be able to announce a new letting on the majority of the
                                                                                 represented by One Leicester Square. The majority of our portfolio (75
space in the near future.
                                                                                 per cent) in the UK continues to be let to government bodies and large
The eighteen flats at Coventry House will be completely refurbished              corporates. Additionally 77.2 per cent of leases run for more than five
by March 2003 and are currently being actively marketed. They have               years. We continue to work with our tenants in meeting their needs as
been very well received in the market and a third of the apartments              well as investing in our buildings in order to retain existing tenants and
have already been reserved. The sign at the top of the building was              attract new ones.
successfully upgraded by Van Wagner at the end of 2002 and now
                                                                                 In a falling German market we sold Westbahnhof for £1.6 million, for
that it has been let to Vodafone is fully income producing.
                                                                                 which the Group originally paid £1.2 million. We now have only one
                                                                                 remaining minor investment in Germany.


                                                                     Germany
                                                                      £0.2m
                                                          Outside London     London City Fringes
                                                              £0.4m               £0.3m

                                      London North West
                                           £5.5m                                                     London Mid Town
                                                                                                         £6.6m




                             London South West
                                  £2.1m

                                                                                                             London West End
                                                                                                                  £3.1m




                                    London South Bank
                                         £8.8m                                                     London West
                                                                                                      £5.4m



                                                              RENT BY LOCATION



                                                                           .22

				
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