Via http://www.britishland.com/media/news/2005/02-12-2005.aspx

HUT - Hercules Funds development of West Cornwall Shopping Park, Hayle for £28.65 million

The Hercules Unit Trust (HUT) is a closed-ended Jersey property unit trust which invests in properties in major retail warehouse or shopping park locations in the United Kingdom. British Land is an investor in HUT, owning 36.3% as at 29 September 2006 and is also property adviser to the unit trust through its subsidiary British Land Property Advisers Limited.

Hercules Unit Trust (“HUT”), the specialist retail warehouse fund advised by British Land Property Advisers Limited and managed by Schroders, has agreed to fully fund Cranford Developments’ West Cornwall Shopping Park in Hayle for £28.65 million, reflecting a net initial yield of 4.30%.

The new open A1 scheme will comprise 48,264 sq ft (4,484 sq m) of retail accommodation spread across four units. Three of the units have been pre-let, with Marks & Spencer taking 20,200 sq ft (1,877 sq m), Next taking 10,000 sq ft (929 sq m) and Boots taking 10,000 sq ft (929 sq m). There is also an 8,000 sq ft (743 sq m) unit to be let.

Scheduled for completion in September 2006, the development is located on a prominent site on the main A30 West Cornwall spine road in Hayle, 7 miles to the east of Penzance and 24 miles to the south-west of Newquay. Cranford will undertake the development on behalf of HUT.

Commenting on the transaction, Andrew Jones of British Land said:

“This development is located in a prime position and benefits from an extremely restricted supply of open A1 consents in this area of the country. With an already impressive retailer line up and strong ongoing demand for the remaining space from several traditional high street operators we are very confident that the park will provide a strong retail draw for the area.”

Savills acted on behalf of HUT, Harvey Spack Field acted on behalf of Cranford Developments.

Enquiries:

British Land Property Advisers Limited
Andrew Jones/Louise Maskell	+44 20 7486 4466
Schroders
Michael Clarke	+44 20 7658 6000
Financial Dynamics
Dido Laurimore/Alison Bowsher	+44 20 7831 3113

Notes to Editors

Hercules Unit Trust
Hercules is the UK’s largest specialist property unit trust, with a property portfolio valued at in excess of £2.7 billion and comprising 22 retail parks (at 30th September 2005), including Glasgow Fort Shopping Park, Glasgow; Fort Kinnaird Shopping Park, Edinburgh and New Mersey Retail Park in Speke, Liverpool. The portfolio totals over 5.4 million sq ft of retail park space and key tenants include Next, Boots, Arcadia, Marks & Spencer, Argos, WH Smith, Sports World, MFI and B&Q.

Details of the properties held in The Hercules Unit Trust are available at www.britishland.com .

For further information: http://hercules.schroders.com

Hercules was created in September 2000 as a closed-ended Jersey property unit trust to invest in properties in major retail warehouse or shopping park locations in the United Kingdom. Its investment objective is to achieve an annual ungeared total return above the IPD Retail Warehouse Universe Benchmark over the life of the trust. Hercules has an initial life of 10 years from September 2000, subject to any extension authorised by Hercules unitholders.

British Land Property Advisers Limited, property adviser to the Hercules Unit Trust, is a subsidiary of British Land. British Land is the largest UK quoted property company with assets of £13.8bn as at 31 March 2005. For more details visit www.britishland.com

The manager of Hercules is Schroder Property Managers (Jersey) Limited (“SPMJ”), a wholly-owned subsidiary of Schroders plc.

The trustees of Hercules are The Royal Bank of Scotland Trust Company (Jersey) Limited and RBSI Trust Company Limited. The trustees and the manager are regulated by the Jersey Financial Services Commission.

Schroder Property Managers (Jersey) Limited is one of the largest managers of Jersey Property Unit Trusts with 10 Trusts covering various sectors of the UK market. These vehicles enable gross and net investors to co-invest in a tax efficient manner.

Jersey based specialist property unit trusts are becoming an increasingly attractive property investment route for institutional investors because:

They offer a low cost route into property portfolios which, because of capital constraints, may otherwise not be available to them;

Investors benefit from the unit trust being managed by specialists in the relevant property sector, who co-invest in the funds and are incentivised to perform; Jersey unit trusts are tax transparent and available to all investors.

Hercules is a collective investment scheme within the meaning of Section 235 of the Financial Services and Markets Act (“FSMA”). It is not an authorised unit trust scheme, OEIC or recognised scheme within the meaning of the FSMA and therefore constitutes an unregulated collective investment scheme. As an unregulated collective investment scheme, the distribution and promotion of units are restricted, for the purposes of Sections 21 and 238 of the FSMA, to persons who are themselves authorised under the FSMA or who otherwise fall within the categories or exceptions made under Sections 21 and 238. All or most of the protections provided by the UK regulatory system do not apply to investment in the Hercules and compensation under the Financial Services Compensation Scheme will not be available.

Potential investors should be aware that past performance is not a guide to the future. The price of units and the income from them may fluctuate upwards or downwards and cannot be guaranteed. Property-based pooled vehicles such as property unit trusts, invest in real property, the value of which is generally a matter of a valuer's opinion. It may be difficult to deal in the units or to sell them at a reasonable price because the underlying property may not be readily saleable. There is no recognised market for units in the Fund and, as a result, reliable information about the value of units in the Fund or the extent of the risks to which they are exposed may not be readily available.

This press release is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for accounting, legal or tax advice, or investment recommendations.

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