The Group has taken significant steps to further strengthen its financial position in the first half of the year.

From John Clare, Chairman:

"The Group has taken significant steps to further strengthen its financial position in the first half of the year. Disposals at both Group and fund level have helped to de-gear the balance sheet whilst the recently completed restructuring of The Mall’s bond financing provides a solid foundation for the management platform.

Management can now focus their energies on growth. I look forward to the Group playing to its strengths as an entrepreneurial specialist property company with a track record in exploiting asset management opportunities in retail and other related sectors of the property market.”

Highlights

• Profit before tax of £18 million, compared to loss of £131 million in the first half of 2009
• EPRA net assets per share of 52p, up 11% from December 2009
• UK fund property valuations up 5.3% for the year to date; unit prices up 18% £24 million of cash on balance sheet, leaving net debt of £48 million
• Sale of ten properties for £378 million (Group share: £80 million) across the Group, funds and joint ventures in the first half of 2010
• Restructuring of The Mall, with extension of bond maturity to 2015 and fund life to 2017
• Conditional exchange of contracts for the sale of Falkirk, Gloucester, Romford and Southampton shopping centres from The Mall, and Fiveways, Birmingham from X-Leisure
• Opening of 200,000 sq ft extension at The Mall, Blackburn; key units handed over to tenants for fit out at The Mall, Luton
• Refinancing of Xscape Braehead, FIX UK and two German facilities
• Investment in German asset management platform, Garigal Asset Management GmbH, since the reporting date
• Approaches for Great Northern Warehouse under consideration