The investment properties in our Retail Portfolio and London Portfolio business units make up our Investment Portfolio. The Investment Portfolio includes a pro-rata share of our property joint ventures, but excludes investment properties within our property outsourcing business, Trillium.
Investment Portfolio
The market value of the investment property interests in the Investment Portfolio totalled £12,117.9m at 30 September 2008 (31 March 2008: £13,586.7m). The aggregate of the market values of those investment properties held by the Group, excluding joint ventures and Trillium, as at 30 September 2008 was £10,531.0m (31 March 2008: £11,996.8m).
The valuation of the freehold and leasehold investment properties in the Investment Portfolio at 30 September 2008 was undertaken by Knight Frank LLP as External Valuer. The valuations were in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and the International Valuation Standards. The valuation of each property was on the basis of market value, subject to the assumptions that investment properties would be sold subject to any existing leases and that properties held for development would be sold with vacant possession in existing condition. The External Valuer’s opinion of market value was primarily derived using recent comparable market transactions on arm’s length terms.
There follows a number of tables which give further detail of the underlying performance of the combined portfolio:
