FRN Variable Rate Fix

LONDON--(BUSINESS WIRE)--

As Agent Bank, please be advised of the following rate determined on: 03/02/10
Issue	¦ Pan-European Industrial Properties Series III S.A. - EUR22,500,000 Class C Secured FRN due 7 May 2013
ISIN Number	¦ XS0163580961
ISIN Reference	¦ 16358096
Issue Nomin EUR	¦ 22,500,000
Period	¦ 05/02/10 to 06/05/10			Payment Date 06/05/10
Number of Days	¦ 90
Rate	¦ 1.515		Pool Factor: Pool Factor
Denomination EUR	¦ 217,668	¦			¦
Amount Payable per Denomination	¦ 824.42	¦			¦
Bank of New York
Rate Fix Desk		Telephone		¦ 44 1202 689580
Corporate Trust Services		Facsimile		¦ 44 1202 689601