Ann: Net Tangible Asset Backing, page-8

I have no particular insight on Prestons but I would lean towards them holding onto it and collecting rent for at least a couple of years. I do think they will probably sell it in the medium term though just looking at what BKW have occasionally done with their DC centres (BKW is part of the same "babushka doll" as URB).

I would say they will reinvest with money from Kingsrove into another opportunity after taking a bit "off the top" for shareholders (and also paying the fees we have been discussing recently). They have made a really big profit on that one which isn't reflected in the NTA currently (Kinsgrove is still listed at cost).

I would say it will be another 12 months before the dividend gets up to a decent level. I am looking at a 1c dividend at the next result (possibly 1.5c if they settle Kingsrove by August) but it should be yielding about 3-4 percent by this time next year.

I actually can't ever see them getting up around the 5-6 percent mark on yield just due to the different nature of the LIC and the property returns being "lumpy".