30 June 2009

Kinloss Property Limited, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO) today announced that it has completed the purchase of Portman House, a retail and office investment in a prime location on Oxford Street, London W1, from Land Securities for £155 million which reflects a yield of just over 7.0%.

The building provides 146,550 ft2 (13,615 m2) of multi-tenanted offices and retail accommodation at a total rent of £11.5million per annum. The property is held on a long lease from The Portman Estate for a term expiring 2152.

The 101,857 ft2 (9,462 m2) of air-conditioned office space is located over the second to seventh floors and is let on leases with 3 to 7 years unexpired and passing rents of £49.50 to £80.00 per sq. ft. The 44,695 ft2 (4,152 m2) retail accommodation is located over the ground and first floors and is let to New Look, Russell & Bromley and Boots the Chemist.

James Andrew International advised Kinloss Property Limited (LAFICO) and James Andrew RSW have taken over the management of the investment. Franc Warwick advised Land Securities