WPFI Westbury Inc

RNS Number:7308D
Westbury Property Fund Limited
06 October 2004

Not for release, distribution or publication in or into the United States of
America, Canada, Australia, Japan, the Republic of Ireland or the Republic of
South Africa or their respective territories and possessions, or in any other
jurisdiction in which its distribution or publication is restricted or
prohibited.


06 October 2004

Enquiries:       Richard Burrell                       Tel: 01244 893 680

                 Berrington Fund Management Limited    www.berringtonfm.com
                 Shirley Hatherton                     Tel: 020 7294 3615

                 Lansons Communications

                The Westbury Property Fund Limited (the 'Fund')

                                Quarterly Report

Investment Update



The Fund announces the net asset value due to Capital Shareholders has increased
to 165.18p as at 30 September 2004.  This is an uplift of some 14.9p or 10%
since the interim results for the six months to 30 June 2004 were published and
an uplift of 58.4p or 55% compared to the same date last year.



The Directors have approved a quarterly dividend of 2p per Income Share to
shareholders on the register as at 24 September 2004 which will be paid on or
about 08 October 2004.  This quarterly dividend is on account of the fixed
dividend of 8p per Income Share per annum.



Balanced Portfolio



Rent review settlements in the portfolio continue to be ahead of forecast. The
rent reviews on the Fund's retail warehouse property in Hull and its industrial
warehouse in Southampton have both been settled ahead of their respective
valuation ERVs. These settlements have had a positive impact on the valuation of
the two assets and have contributed to the uplift in NAV.  The remainder of the
valuation uplift has been driven by further positive yield shift across many
parts of the portfolio.  We are also continuing with various asset management
initiatives on a number of our assets and further announcements will be made in
due course.



We continue to see good deal-flow from a wide variety of sources and a number of
acquisitions of varying sizes and locations are in the due diligence phase.  We
are targeting acquisitions of offices and industrial property within Central
London and the wider M25 ring.



Venture Portfolio



The Venture Portfolio continues to perform in line with the individual business
plans and last week we exchanged contracts on our fifth venture transaction.  On
completion, the deal will involve the acquisition of a secondary industrial
property on a site of 5.3 acres located next to the North Circular road in
London.  The Fund intends to purchase the property in joint venture with a major
contractor which will involve a commitment of circa #1.2m in exchange for a 50%
equity interest.  Together with the major contractor, the Fund intends to
consider all possible opportunities with regard to future development and
enhancement of the site.



Fund Expansion and Restructuring



In the Annual Report, the Chairman of The Westbury Property Fund indicated that
it was the Board's intention to seek ways of raising further capital.  We are
pleased to report that preliminary consultations with certain large shareholders
have commenced and the results of which have been favourable.  It is currently
proposed that the fundraising will take the form of an issue of a new class of
Ordinary Shares.  It is also proposed that holders of Income and Capital Shares
will be given the opportunity of either converting their Income and/or Capital
Shares into new Ordinary Shares or continuing with their existing holdings.  It
is expected that a prospectus will be published in early November which will
provide full and definitive details of any proposed restructuring and indicate
the amount of new equity proposed to be issued.  If any shareholder would like
to be consulted as part of this process, please contact Berrington Fund
Management Limited.



Ends

This announcement does not constitute an offer or invitation to subscribe for or
purchase any securities in The Westbury Property Fund Limited and neither this
announcement nor anything contained herein shall form the basis of any contract
or commitment whatsoever. Neither this announcement nor any copy hereof may be
distributed in any jurisdiction outside the UK where its distribution may be
restricted by law. Persons who receive this announcement should make themselves
aware of and adhere to any such restrictions. The decision to purchase shares in
The Westbury Property Fund Limited should be made only on the basis of the
relevant Listing Particulars and in particular, the Risk Factors and Principal
Bases and Assumptions set out therein. The price of the shares and the income
derived from them can go down as well as up. Past performance is not necessarily
a guide to future performance. This announcement has been issued by The Westbury
Property Fund Limited and is the sole responsibility of it.   Berrington Fund
Management Limited acts as the investment manager for The Westbury Property Fund
Limited and will not be responsible to any other person for providing advice in
relation to any proposed fundraising and proposed share restructuring.




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