Final Results - Highlights

RNS Number:8658I
Westbury Property Fund Limited
22 February 2005


22 February 2005

                       THE WESTBURY PROPERTY FUND LIMITED

     ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR FROM
                       1 JANUARY 2004 TO 31 DECEMBER 2004

Highlights

  * Net asset value per share due to Ordinary Shareholders amounted to
    105.25p, compared with an equivalent value of 83.12p at 31 December 2003
    (adjusted to take account of the capital reorganisation).  This represents a
    27% uplift year on year.

  * Successful share reorganisation, placing and open offer completed in
    December 2004 enables gross assets to increase to #130m.

  * The acquisition of a distribution unit in Worcester, a Health and Fitness
    Centre in Guildford and an industrial estate in Liverpool completed during
    the year for the balanced portfolio.  The Guildford asset was subsequently
    sold at a profit.

*   Two further venture investments made and one disposal completed.

*   The Company has circa #50m available to invest in 2005.  Four properties,
    totalling approximately #24m, have recently exchanged or are currently under
    offer to buy.

*   It is the Board's intention to declare quarterly dividends on the Ordinary
    Shares from 31 March 2005 at the rate of 1.5p per quarter, amounting to 6p
    in total for the 12 months to 31 December 2005.

The Westbury Property Fund Limited ("the Company") today announced its results
for the twelve months to 31 December 2004.

Commenting, Richard Burrell, Investment Manager to the Company, said:

"This has been another successful year for The Westbury Property Fund.  There
has been strong performance from the underlying assets and the Company has been
able to raise additional equity, widening and expanding its shareholder base."

Summary of Results

*        During the year the Company made a net profit of #7,563,311.  This has
been retained for the benefit of the Ordinary Shareholders.  It has been
achieved after the payment of all costs relating to the running of the Company,
interest paid on bank debt, all dividends paid to Income Shareholders, a
provision for the Investment Manager's performance fee accrued to date, and the
costs of the share reorganisation.

*        As at 31 December 2004, the Company had a direct property portfolio of
13 properties with an aggregate valuation of #73.5 million.  The Company now has
43 tenancies in the balanced portfolio, a forecast annualised rent roll in 2005
of circa #5m and a weighted average lease length of over 12 years.

*        During 2004, three balanced portfolio acquisitions completed and two
disposals were made.

*        The Company has also made two venture investments with other
experienced property investors, along with one profitable disposal.  Each of the
four current joint ventures is separately capitalised and all debt in each
venture has been structured on a non-recourse basis.  The aggregate book value
of the Company's equity investment in the four ventures amounts to some #3.2m.

*        Following the share reorganisation, placing and open offer, the Company
is intending to acquire circa #50m of property in 2005.  Assuming property
acquisition costs, including a provision for Stamp Duty Reserve Tax, the net
asset value per Ordinary Share would fall to 100.2p.

*        The Company currently has four properties exchanged or in solicitors'
hands totalling approximately #24m; three of these properties are located in the
South East.

*        During the year the Board has declared and paid four quarterly
dividends per Income Share amounting to 8p in total.  This comprised 2p per
quarter for the year and is in line with the Income Shareholders' entitlement to
receive a fixed preferential dividend of 8% over their life.

*        It is the Board's intention to declare quarterly dividends on the
Ordinary Shares from 31 March 2005 at the rate of 1.5p per quarter, amounting to
6p in total for the 12 months to 31 December 2005.

*        In the absence of unforeseen circumstances, the Company intends to be
fully invested by the end of 2005.  Further share issuance will be considered if
opportunities present themselves as the Company has now developed a strong track
record and a good following from a wide and diverse spread of investors.

*        The Company is on target to meet its forecast returns but, in light of
the current climate, covenant strength and lease length will again remain the
overriding strategic focus for 2005 as well as a shift in geographical bias
towards the South East for future acquisitions.

Outlook for 2005

Commenting on the outlook for 2005, Richard Burrell, Investment Manager to the
Company, said:

"The Company is in a strong position having reorganised its share capital and
raised new equity.  We are well on track to achieve our investment targets for
allocating the new money. The simplified share structure and continued interest
in the sector should strengthen the Company's attraction to investors."

"The UK property market performed very strongly during 2004 and whilst some
commentators believe that it has reached its peak we are still seeing a number
of signs that further rises could take place.  The occupier market is looking
stronger compared to this time last year and the weight of money being allocated
to property by pension funds and institutional investors is showing no signs of
abating.  That being said, we remain cautious but opportunistic and whilst we
may dispose of individual assets on a tactical basis, we remain committed to
expanding the Company's asset base overall."

The full text of the results are available on RNS.

                                  - e n d s -

For further information, please contact:

Richard Burrell                      Shirley Hatherton
Berrington Fund Management           Lansons Communications
020 7659 6271                        020 7294 3615


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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