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Financial Statements

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Consolidated Profit and Loss Account
Balance Sheets
Other Consolidated Primary Statements
Consolidated Cash Flow Statement
Notes to the Financial Statements
Major Investment Properties Summary
Financial Calendar
Shareholder Information
Ten Year Record


Major Investment Properties Summary

(all freehold and wholly owned unless otherwise stated)

Property use type   Property name   Property description   Number of leases   Date built or last refurbished   Area in sq m

Properties valued above: £150m
Offices – City   London EC2, Broadgate Complex   Office, retail and leisure complex on 12.14 hectares, totalling 360,000 sq m (3.9m sq ft)   169   1991   360,000
Offices – West End   London NW1, Regent's Place   Office, retail and leisure complex on 4.2 hectares, totalling 114,000 sq m   117   1992   114,000
Shopping centres   Sheffield, Meadowhall   Covered shopping centre of 132,000 sq m (1.42m sq ft)   220   1992   132,500
Retail warehouses   Stockton-on-Tees, Teesside Retail Park   Out of town retail park   32   1991   31,600

Properties valued between: £50m – £150m
Offices – City   London EC3, 122 Leadenhall Street   Office building on a freehold site of almost 0.4 hectares (1 acre)   13   1994   16,800
Offices – City   London EC3, 133 Houndsditch   Office building arranged over ground and five upper floors with a leisure element at ground floor.   15   1991   19,200
Offices – City   London EC4, 1Fleet Place, Ludgate*   Office building on basement, ground and nine upper floors with basement and ground floor retail.   17   1992   15,600
Offices – City   London EC4, 10 Fleet Place, Ludgate*   Office building on ground and nine upper floors.   19   1992   17,000
Business parks and provincial   Solihull, Blythe Valley Park   Business park development on 69 hectares with direct access to M42.   3   2001   76,080
Shopping centres   Aberdeen, St Nicholas Centre*   City centre shopping centre   29   1985   11,750
Shopping centres   Basildon, Eastgate Shopping Centre   Covered shopping centre and multi storey car park, including offices of 11,334 sq metres.   133   1994   74,800
Shopping centres   Bon Accord, Aberdeen*   City centre shopping centre (long leasehold)   100   1990   31,000
Shopping centres   Dublin, ILAC Shopping Centre   City centre shopping centre (50% interest)   90   1981   16,300
Shopping centres   East Kilbride, Centre West*   City centre shopping centre   34   2003   26,000
Shopping centres   East Kilbride, The Olympia*   City centre shopping centre   73   1989   32,500
Shopping centres   East Kilbride, The Plaza Centre*   City centre shopping centre with offices above   70   1990   43,000
Shopping centres   Leicester, Beaumont Leys Shopping Centre*   District shopping centre including a Tesco store of 11,700 sq m and a petrol filling station.   56   1984   26,800
Shopping centres   Northampton, Weston Favell Shopping Centre*   District shopping centre including a Tesco store of 13,500 sq m and a petrol filling station.   57   1974   27,900
Shopping centres   Peterborough, Serpentine Green*   District shopping centre including a Tesco store of 12,100 sq m and a petrol filling station.   30   1999   27,600
Shopping centres   Woking, Peacocks Shopping Centre   Covered shopping centre with parking and entertainment facilities (long leasehold).   105   1992   32,800
Supermarkets   London NW10, Neasden, Tesco*   Suburban store with a petrol filling station.   2   1985   10,100
Supermarkets   Southampton, Bursledon, Tesco*   Out of town store with a petrol filling station.   2   1999   9,600
Retail warehouses   Birmingham, Castle Vale Retail Park   Out of town retail park.   14   2000   17,900
Retail warehouses   Cambridge, The Beehive Centre   Edge of town retail warehouse park with supermarket and petrol filling station.   12   1994   21,300
Retail warehouses   Chester, Greyhound Retail Park   Out of town retail park including some leisure and industrial.   24   1990   19,000
Retail warehouses   Milton Keynes, The Kingston Centre*   Out of town retail park including a Tesco store of 12,700 sq metres and a petrol filling station.   22   1992   20,300
Retail warehouses   Swindon, Orbital Shopping Park   Out of town retail park.   14   2002   19,600
Retail   Birmingham, Rackhams   Department store on basement, ground and seven upper floors   1   1964   45,300
Industrial and distribution   Feltham, Heathrow Gateway   Modern distribution units   2   2002   40,400

Properties valued between: £30m – £50m
Offices – City   London EC3, 51 Eastcheap   Office building on basement, ground and six upper floors.   2   1987   7,400
Offices – West End   London W1, 2-16 Baker Street   Office building on basement, ground and eight upper floors with ground floor retail (long leasehold)   6   1984   8,400
Offices – West End   London W1, Leicester Square, Swiss Centre   City centre office, leisure and retail building on two basement, ground and fifteen upper floors.   15   1964   8,400
Business parks and provincial   Reading, Microsoft Campus   Three self contained office buildings on an office park. (50% interest)   7   1998   21,500
Business parks and provincial   Reigate, Kingswood, Legal & General House   Offices on three floors in 17.4 hectares of grounds. 1,500 car spaces.   1   1988   24,800
Shopping centres   East Kilbride, Princes Mall*   City centre shopping centre   58   1994   14,000
Supermarkets   Altrincham, J Sainsbury   Town Centre store (long leasehold).   2   1997   7,000
Supermarkets   Banbury, J Sainsbury   Suburban store with petrol filling station.   1   1994   6,900
Supermarkets   Bridgwater, J Sainsbury   Out of town store with petrol filling station.   1   1989   6,400
Supermarkets   Bristol, Brislington, Tesco*   Out of town store with petrol filling station.   2   1996   8,400
Supermarkets   Cambridge, J Sainsbury   Suburban store with petrol filling station.   1   1995   7,600
Supermarkets   Cardiff, Roath, J Sainsbury   Out of town store including Homebase of 3,066 sq m.   1   1997   12,200
Supermarkets   Croydon, Purley Way, J Sainsbury   Out of town store with petrol filling station.   1   1988   8,500
Supermarkets   Grimsby, J Sainsbury   Out of town store with petrol filling station.   1   1988   7,500
Supermarkets   Hereford, J Sainsbury   Suburban store with petrol filling station.   1   1986   7,600
Supermarkets   London N1, Islington, J Sainsbury   Town centre store   1   1992   6,200
Supermarkets   London SE14, New Cross Gate, J Sainsbury   Suburban store with petrol filling station.   5   1996   8,400
Supermarkets   London W4, Chiswick, J Sainsbury   Suburban store   2   1998   7,000
Supermarkets   Northampton, J Sainsbury   Out of town store with petrol filling station.   1   1997   6,900
Supermarkets   Nottingham, J Sainsbury   Out of town store with petrol filling station on a retail park.   1   1997   7,800
Supermarkets   Orpington, Locksbottom, J Sainsbury   Suburban store.   2   1998   6,400
Supermarkets   Portsmouth, J Sainsbury   Town centre store   1   1988   5,400
Supermarkets   Rugby, J Sainsbury   Out of town store with petrol filling station.   1   1989   8,200
Supermarkets   Sheffield, J Sainsbury   Out of town store.   1   1998   9,200
Supermarkets   Swindon, J Sainsbury   Out of town store with petrol filling station.   1   1996   7,100
Supermarkets   Weston Super Mare, J Sainsbury   Out of town store with 4,835 sq m of other retail and a petrol filling station.   1   1997   12,100
Retail warehouses   Bradford, Forster Square Retail Park, Unit 1-8*   Out of town retail park.   10   1996   10,000
Retail warehouses   Bradford, Forster Square Retail Park, Unit 9-19*   Out of town retail park.   8   1998   12,300
Retail warehouses   Bury, Woodfields Retail Park*   Out of town retail park with Tesco store of 7,800 sq m and a petrol filling station.   7   1997   14,200
Retail warehouses   Colchester, The Tollgate Centre   Out of town retail park.   14   1988   10,700
Retail warehouses   Croydon, Purley Way Centre   Out of town retail park.   3   1987   5,600
Retail warehouses   Doncaster, Wheatley Centre*   Out of town retail park.   14   2001   16,500
Retail warehouses   Edinburgh, Meadowbank Retail Park   Out of town retail park.   15   2001   13,900
Retail warehouses   Glasgow, Auldhouse Retail Park   Suburban retail park.   7   1991   10,900
Retail warehouses   Merton, Priory Retail Park   Out of town retail park.   8   1999   6,500
Retail warehouses   Newport, Harlech Retail Park*   Suburban retail park including a Tesco store of 4,747 sq m and a petrol filling station.   6   1996   15,100
Retail warehouses   Northampton, St. James' Retail Park   Edge of town retail park.   8   1988   17,800
Retail warehouses   Oxford, Oxford Retail Park   Out of town retail park.   4   1988   6,900
Retail warehouses   Plymouth, Marsh Mills Retail Park*   Out of town retail park.   6   1996   10,400
Retail warehouses   Wakefield, Westgate Retail Park   Edge of town retail and leisure park.   18   1996   19,500
Retail   Cardiff, St Mary's Street & Trinity Street*   House of Fraser Department store   2   1970   26,000
Retail   Guildford, 105-113 High Street*   House of Fraser Department store   1   1998   15,400

Properties valued between: £20m – £30m
Offices – City   London EC2, 15-16 Bonhill Street*   Office building on basement, ground and six upper floors.   8   2002   10,400
Business parks and provincial   Edinburgh, Orchard Brae House   Office building on eight floors with 205 car spaces.   25   1993   9,900
Supermarkets   Ashford, Tesco*   Out of town store with petrol filling station.   1   1997   7,100
Supermarkets   Bedford, Kempston, J Sainsbury   Suburban store with 2,058 sq m of other retail (long leasehold).   1   1975   7,900
Supermarkets   Birmingham, Selly Oak, J Sainsbury   Suburban store.   1   1993   5,800
Supermarkets   Bradford, J Sainsbury   Suburban store with petrol filling station and including Homebase of 3,693 sq m.   1   1995   9,000
Supermarkets   Burton Upon Trent, J Sainsbury   Town centre store.   1   1997   6,300
Supermarkets   Cardiff, Thornhill, J Sainsbury   Out of town store including petrol filling station and 466 sq m of other retail   1   1984   5,200
Supermarkets   Feltham, Tesco*   Suburban store with a petrol filling station.   1   1997   5,800
Supermarkets   Ferndown, Tesco*   Neighbourhood shopping centre including a Tesco store of 5,800 sq m.   1   1986   7,800
Supermarkets   Leicester, J Sainsbury   Suburban store with 2,823 sq m of other retail.   2   1987   7,800
Supermarkets   Lincoln, Tesco   Suburban store with petrol filling station.   1   1985   6,500
Supermarkets   London E18, South Woodford, J Sainsbury   Town centre store with a cinema and 1,110 sq m of other retail.   1   1999   6,500
Supermarkets   Newton Abbot, Tesco*   Out of town store with a petrol filling station.   2   1995   6,600
Supermarkets   Pontypridd, Tesco*   Out of town store with a petrol filling station.   2   1987   7,100
Supermarkets   Preston, Bamber Bridge, J Sainsbury   Out of town store with petrol filling station.   1   1989   7,600
Supermarkets   Southampton, Lordshill, J Sainsbury   Out of town store in district centre with petrol filling station and 4,883 sq m of other retail.   1   1997   9,400
Supermarkets   Swansea, J Sainsbury   Edge of town store with petrol filling station (long leasehold).   1   1997   8,300
Retail warehouses   Dumbarton, St James Retail Park   Out of town retail park with Asda store of 5,455 sq m.   10   1990   12,100
Retail warehouses   Leeds, Westside Retail Park   Out of town retail park.   12   1993   10,600
Retail warehouses   Stockton-on-Tees, Portrack Lane   Out of town retail warehouse   1   1996   11,300
Retail warehouses   Woking, Lion Retail Park*   Out of town retail park.   7   1995   7,200
Retail   Bristol, Horsefair*   House of Fraser Department store   1   2001   26,000
Retail   Glasgow, 43-55 Argyle Street   Three City centre retail units.   3   1986   4,200
Retail   Leeds, 138-142 Briggate*   House of Fraser Department store   1   1996   10,700
Retail   Liverpool, 58-72 Church Street   Five storey retail and office property in the city centre.   6   1960   5,500
Retail   Newcastle-Upon-Tyne, 78-92 Northumberland Street   City centre variety store.   2   1970   8,400
Retail   Plymouth, 40-46 Royal Parade*   House of Fraser Department store   1   1990   17,100
Industrial and distribution   Coventry, New Century Park   Industrial accommodation with potential development as a business park   15   1992   74,000
Industrial and distribution   York, Clifton Moor Industrial Estate   Edge of town industrial estate with office element on 20 hectares.   93   1980   39,500
Residential   London EC1, 13-20 West Smithfield   Residential units   2001   13,800
Leisure   Croydon, Valley Park   Out of town leisure park.   7   1995   9,500
Leisure   Leeds, Kirkstall Road   Edge of town leisure park.   11   1998   17,200

Properties valued between: £10m – £20m
Offices – City   London EC2, Eldon Street, Broadgate House   Office building with retail on ground and basement   1   1900   3,200
Offices – City   London EC2, Eldon Street, Eldon House   Office building with retail on ground and basement   7   1998   2,100
Offices – West End   London SW1, Ebury Gate*   Office and residential building on basement, ground and six upper floors   12   1965   4,400
Offices – West End   London W1, 251-256 Tottenham Court Road   Office building of seven floors with ground floor retail.   6   1955   3,200
Offices – West End   London W1, 95-99 Baker Street   Office and retail building on basement, ground and six upper floors including three residential units.   6   1997   2,300
Business parks and provincial   Glasgow, Portcullis House   City Centre offices arranged on eight floors   2   1973   9,400
Business parks and provincial   Liverpool, Two Moorfields   Office on ground, mezzanine and four floors, including ground floor retail.   21   1984   5,900
Shopping centres   Londonderr y, Lisnagelvin Shopping Centre*   District shopping centre including a Tesco store of 5,500 sq m and a petrol filling station.   17   1994   9,300
Supermarkets   Barnstaple, Tesco*   Out of town store with petrol filling station.   1   1998   5,800
Supermarkets   Beckenham, J Sainsbury   Town centre store.   1   1980   3,800
Supermarkets   Birkenhead, J Sainsbury   Suburban store with petrol filling station.   1   1984   3,500
Supermarkets   Chadwell Heath, J Sainsbury   Suburban store.   1   1983   5,000
Supermarkets   Coleraine, Riverside Retail Park   Out of town supermarket with two retail warehouse units.   3   1998   6,500
Supermarkets   Formby, Tesco*   Suburban store with petrol filling station.   1   1995   5,000
Supermarkets   Hanley, J Sainsbury   Suburban store with petrol filling station.   1   1987   5,600
Supermarkets   Kimberley, J Sainsbury   Town centre store.   1   1985   5,300
Supermarkets   London E17, Walthamstow, J Sainsbury   Town centre store with 340 sq m of other retail (long leasehold).   1   1981   5,400
Supermarkets   London E3, Bromley by Bow, Tesco*   Suburban store with a petrol filling station.   1   1982   6,300
Supermarkets   London W13, West Ealing, J Sainsbury   Town centre store with 1,108 sq m of other retail.   1   1980   6,100
Supermarkets   Maidstone, Grove Green, Tesco*   Neighbourhood shopping centre including a Tesco store of 3,800 sq m and a petrol filling station.   7   1994   4,700
Supermarkets   Newport, J Sainsbury   Out of town store with 190 sq m of other retail.   1   1994   5,000
Supermarkets   Nottingham, Bulwell, Tesco*   Suburban store with a petrol filling station.   2   1996   4,900
Supermarkets   Worcester, Blackpole, J Sainsbury   Suburban store with petrol filling station.   1   1993   4,600
Supermarkets   York, J Sainsbury   Town centre store with 3,026 sq m of other retail.   1   1984   8,000
Retail warehouses   Bath, Homebase   Edge of town freestanding retail warehouse   1   2000   4,300
Retail warehouses   Bath, Weston Lock Retail Park   Out of town retail park.   3   1998   2,300
Retail warehouses   Camberley, Homebase   Out of town retail warehouse adjacent to a retail park.   1   1995   4,000
Retail warehouses   Cwmbran, Retail Park*   Out of town retail park.   12   1985   11,700
Retail warehouses   Dagenham, B&Q Retail Warehouse   Out of town retail warehouse   1   1989   4,600
Retail warehouses   Dumfries, Cuckoo Bridge Retail Park   Out of town retail park.   11   2001   11,900
Retail warehouses   Eastleigh, Retail Park*   Out of town retail park.   4   1985   5,600
Retail warehouses   Elgin, Springfield Retail Park   Out of town retail park.   6   1987   8,500
Retail warehouses   Ewell, Homebase   Suburban freestanding retail warehouse.   1   1995   4,400
Retail warehouses   Feltham, Homebase   Out of town freestanding retail warehouse   1   1995   3,400
Retail warehouses   Kidbrooke, Homebase   Suburban freestanding retail warehouse   1   1995   3,300
Retail warehouses   Kingston-Upon-Hull, Kingswood Retail Park*   Out of town retail park.   9   2001   12,000
Retail warehouses   Mansfield, St Peter’s Retail Park*   Out of town retail park.   6   2002   7,400
Retail warehouses   Newmarket, Homebase   Four out of town retail warehouses including a 3,300 sq m Homebase   1   1988   3,400
Retail warehouses   Plymouth, Marsh Mills Retail Park Phase Two   Out of town retail park.   3   1996   3,600
Retail warehouses   Richmond-upon-Thames, Homebase   Two suburban retail warehouses   1   1995   4,100
Retail warehouses   Sheffield, Queens Road Retail Park   Suburban retail park.   6   1994   4,900
Retail warehouses   Stockton, Teesside Retail Park Phase 2   Restaurant units adjacent to retail park   6   2000   5,000
Retail warehouses   Wrexham, Homebase   Out of town retail warehouse on a retail park   1   2000   6,000
Retail   Camberley, Park Street & Princess Way*   House of Fraser Department store   2   1989   11,400
Retail   Carlisle, 26-40 English Street*   House of Fraser Department store   1   1996   8,900
Retail   Chichester, West Street*   House of Fraser Department store   1   1995   6,500
Retail   Edinburgh, 60 Princes Street   City Centre retail store   1   1987   2,200
Retail   Glasgow, 78-90 Buchanan Street   City centre retail on ground and basement with three floors of offices above.   3   2004   3,700
Retail   Grimsby, Victoria Street West*   House of Fraser Department store   1   1985   8,500
Retail   Hull, 1 Paragon Square*   House of Fraser Department store   1   1952   17,500
Retail   Kingston Upon Hull, Allders   Department store on ground and four upper floors (long leasehold).   1   1979   9,800
Retail   Kingston-Upon-Thames, 51-52 Clarence Street   Two town centre retail units within the pedestrianised area.   2   1990   2,000
Retail   Leamington Spa, 78-86 The Parade*   House of Fraser Department store   1   1970   9,300
Retail   Middlesbrough, 37 Linthorpe Road*   House of Fraser Department store   1   1956   12,100
Retail   Newcastle-Upon-Tyne, 72-76 Northumberland Street   Two retail units on basement ground and three upper floors.   2   1920   3,100
Retail   Solihull, 20-66 Station Road*   Retail and residential units   20   1955   3,700
Industrial and distribution   Greenford, Scottish & Newcastle Depot   High bay distribution facility   1   1998   12,000
Residential   London EC1, City Road, St Marks Apartments   Residential units   67   1999   7,200
Leisure   London EC2, Great Eastern Hotel*   A 267 bedroom hotel and restaurants complex situated at Broadgate   1   2000

* Held in joint venture.



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