Valletta Fund Management Limited is pleased to announce that the La Valette Multi Manager Property Fund, which offers investors the opportunity to invest primarily in the UK and/or European real estate property market, has as at 22 May exceeded EUR80 million in fund size.

The La Valette Valletta Fund Management Limited is pleased to announce that the La Valette Multi Manager Property Fund, which offers investors the opportunity to invest primarily in the UK and/or European real estate property market, has as at 22 May exceeded EUR80 million in fund size.

Multi Manager Property Fund has proved to be particularly attractive to experienced investors as it aims to deliver consistent income** as well as potential for long-term capital growth, at lower volatility levels than that associated with equities and bonds. For the period from launch on the 13 September 2005 to 22 May, the fund registered an annualised return of 10.33%*.

This growth can be attributed to the benefits that the multi manager concept has to offer, that is, diversification across a variety of property funds managed by specialist fund managers. In effect, as at the 22 May, the fund’s portfolio was comprised of 15 property funds that primarily invest in the UK and/or European commercial real estate property markets, as well as the Asian property market.

Commenting on the fund’s strong performance, Mr Peter Perotti, General Manager of Valletta Fund Management Limited said, “The success achieved by the La Valette Multi Manager Property Fund has by far exceeded our expectations, both in terms of the significant investments in this fund and more so in terms of the performance that the fund has delivered so far to its investors. The success of this fund confirms that investors have understood and are taking advantage of the benefits of a multi manager investment. The growth in fund size shows that investors are also fully aware and confident in the expertise of the Multi Manager team at Insight Investment (Global) Limited.”

The La Valette Multi Manager Property Fund is structured as a professional investor fund, denominated in euro and aims to distribute income** twice yearly. This means that investors may benefit from income streams derived from regular contractual commitments in the form of rent, generally under the terms of long-term leases with normally upward-only rent reviews.

The launch of the La Valette Multi Manager Property Fund in September 2005, then a first of its kind in Malta, strengthens Valletta Fund Management Limited’s position in introducing innovative investment solutions.

* Annualised return from launch on the 13 September 2005 to 22 May. The annualised return is an indication of the average return of the fund over one year. In view of the fact that the fund distributes income, such annualised return is based on the share price prevailing on 22 May and the reinvestment of income distribution (net of 15% withholding tax). Any sharp fluctuations in the performance of the fund over a period of time are not necessarily represented by the annualised return indicated.

** Income may fluctuate and is not guaranteed.