Hanover Property Unit Trust Acquires 105 Piccadilly, W1 For Circa £13.5 Million

29 April 2005

Hanover PUT acquires 105 Piccadilly W1 for circa 13.5 million Rockspring Property Investment Managers Limited (formerly PRICOA Property Investment Management), acting on behalf of Hanover Property Unit Trust (“Hanover”), has acquired the leasehold interest in 105 Piccadilly, London W1 from Orchard Street Investment Management LLP, acting on behalf of GE Commercial Finance Real Estate. The purchase price of £13,540,000 reflects a net initial yield of 11.48%. 105 Piccadilly comprises 33,561 sq ft (3,117.92 sq m) of office accommodation spread over 9 floors. The property is currently let to nine tenants, including Oxus Gold, Skyepharma, Unigestion and Triton, under twelve separate leases with a combined rent of £1,642,870 per annum. Commenting on the acquisition, Robert Palmer, Director of Rockspring, property advisers to Hanover, said:

“105 Piccadilly provides a strong income return and complements the Trust’s existing portfolio, providing exposure to the West End office market.”

Hanover was restructured as a Jersey-based property unit trust in January 2004. Since then it has secured an additional 17 new investors, bringing the total number of investors to 116. Since September 2003 its NAV has increased by 40% through a combination of capital growth and new cash inflows. Hanover has been one of the top performing balanced PUTs in the HSBC/IPD Index over three years recording a total return of 14.2% per annum.

King Sturge advised Rockspring and GVA Saxon Law advised Orchard Street Investment Management LLP.

END

For more information:

John Humberstone
Orchard Street Investment Management
+44 (0)20 7494 8860
jhumberstone [at] orchard-street.co.uk

Dido Laurimore/Ellie Sweeney
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com

Notes to Editors:

Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.