RNS No 2766t
BARCLAYS BANK PLC
28th January 1998


                    BARCLAYS PROPERTY INDEX CERTIFICATES
                        LISTED ISSUES - 1997 and 1998
                                   "PICs"
                     Notification of Monthly Proxy Index
                   and Monthly Proxy Capital Growth Index


                                        IPD Annual Capital   IPD Annual
                                        Growth Index (1)     Index (1)

December 1995                           151.75646            396.43523
(As restated by IPD March 1997)
December 1996                           154.14037            434.53095
(As certified by IPD March 1997)

                                        Monthly Proxy        Monthly
                                        Capital Growth       Proxy
                                        Index (2)            Index (2)

November 1997
(estimated by IPD December 1997)        163.3                491.8
December 1997
(estimated by IPD January 1998)         164.7                498.4

                                        Capital              Total
                                        Growth               Return

In month of December 1997               0.8%                 1.4%

In 1997 to end December                 6.8%                 14.7%

Source: Investment Property Databank Limited ("IPD")


Notes
1.   The index referred to as the IPD "Annual Index" is the Investment
Property Databank All Property (Standing Investments excluding Active
Management) Annual Total Return Index.  The IPD Annual Capital Growth Index
is a component of the Annual Index and both are calculated by IPD from
information held in its annual database which at 31st December 1996 contained
information relating to individual properties having an aggregate value of
approximately #52.7 billion.

2.   IPD compiles monthly indices as proxies for the Annual Index (the
"Monthly Proxy Index") and for the Annual Capital Growth Index (the "Monthly
Proxy Capital Growth Index") for the preceding month.  The Monthly Proxy
Index and the Monthly Proxy Capital Growth Index are estimated by reference
to information contained in the monthly database, which at the end of
December 1997 contained information relating to individual properties having
an aggregate value of approximately #5.8bn.  As these indices are intended to
be proxies for the Annual Index and the Annual Capital Growth Index, the
constituent information is reweighted by sector, property type and region to
reflect the portfolio of properties used in the calculation of the Annual
Index and the Annual Capital Growth Index.

An announcement by IPD on the above numbers is appended to this notice.

Investment Property Databank Limited ("IPD") will not be liable to any holder
of Barclays Property Index Certificates for any loss or damage as a result of
any error in any of the above mentioned indices.  This information has been
prepared by IPD. Whilst it is deemed to be reliable, neither Barclays Bank
PLC nor Barclays Global Investors Limited represents that such information is
accurate or complete and it should not be relied upon as such.  The prices of
investments which trade in limited markets may go up or down.  No part of
this publication may be reproduced in any manner without the written
permission of Barclays Global Investors Limited.

Seal House, 1 Swan Lane              Barclays Global Investors Limited
London EC4R 3UD                      Registered in London England,
Telephone: 0171-668 8000             No. 796793
Fax: 0171-668 4970                   Registered Office: 54 Lombard
Contact: Iain A Reid FRICS           Street, London EC3P 3AH
or Andrew P R Thomson ARICS          This publication has been
                                     approved by Barclays Global
28 January 1998                      Investors Limited regulated by IMRO
                                     (c) 1998 Barclays Global Investors Limited
                                     All rights reserved.


IPD Results Announcement to the Regulatory News Service of the London Stock
Exchange

                                                             January 28, 1998


For 1997, the all property total return to the IPD Monthly Index measured
15.5%, a 6 point increase on the equivalent figure for 1996 (9.4%).

The return on the IPD Annual Index for 1997 will be published in March.
However, the Monthly Index can be reweighted to the structure of the Annual
to give an estimated return for the year.  When this is done, the return
drops to 14.7%.  This, perhaps unexpected, fall can be partially explained by
certain specific features of the 1997 monthly results.  The first is that the
relatively small sample of shopping centres in the Index achieved very
limited capital growth during the year:  the second is that the recorded
appreciation in Central London office values was no greater than that for
suburban locations during 1997:  and, finally, the Monthly Index income
return is well up upon the anticipated Annual equivalent.

Occasionally in the recent past - most notably 1993 - it has proved
impossible to produce reliable estimates of Annual Index returns by
reweighting the Monthly.  Unfortunately 1997 may prove to be just one of
those years.

The most effective way of overcoming such problems is by expanding the
fraction of the market measured on a Monthly or Quarterly basis.  To this
end, from January 1998 we shall be reporting a Monthly Index, enlarged to
reflect the returns to 7 more unitised portfolios, including ESN and all
three of the Morgan Grenfell sector funds.  This will take the value up 18%
to #6.8bn, and the number of properties to 2889, held in 62 separate funds.

END

MSCAWRBKWAKAUAR
Cred Ag Co 22 (LSE:10JS)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Cred Ag Co 22 Charts.
Cred Ag Co 22 (LSE:10JS)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Cred Ag Co 22 Charts.