On 22/10/06, Adrian Stott <[EMAIL PROTECTED]> wrote:
>
> "Susan Burchett"
> <[EMAIL PROTECTED]> wrote:
>
>
> It has managed to grow the portfolio substantially since.
No. What it has done is made is made considerable disposals at the same time
as making new aquisitions. It sells lock cottages etc, it buys bits of
dockland. Whether this represents a 'growth' in the portfolio is impossible
to say, since the portfolio is being constantly revalued. Thus it may be
that the current holding of 1700 propertiers worth £520 million is actually
worth less in capital terms than property it may have held in the past
estimated at today's prices. I have a suspicion this might be the case since
current investment policy is based on income not capital appreciation.
Steve
[Non-text portions of this message have been removed]
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