Half-yearly Report

Newstrack announcement 30 September 2009

                           GSC Property Holdings plc                           

               Interim results for the 6 months to 30 June 2009                

Highlights:

  * Profit before interest rises 3.5 per cent to GBP3,215,023 (2008:
    GBP3,105,874)
   
  * Rental income holds firm at GBP3,915,575 (2008: GBP3,980,948)
   
  * Interim dividend 2.0 pence per share (2008: 2.0 pence)
   
Mark Rubin, Chief Executive commented:

"Our low risk strategy has protected us from very difficult market conditions
earlier this year and as a consequence we are in a strong position to
capitalise on property investment opportunities as they arise."

For further information please contact:

Mark Rubin, Chief Executive 01702 293 300

Jonathan Williams, Bishop Fleming (Corporate Adviser) 0117 910 0250

Anthony Spiro, Spiro Financial (Press and Investor Relations) 020 8336 6196

                     ------------------------------------                      

GSC Property Holdings specialises in commercial property investment in the UK.
The company's strategy is to spread risk through building a diverse portfolio
to minimise exposure to any single end use or geographical area. Our objective
is to add maximum value for shareholders.

                     ------------------------------------                      

CHAIRMAN'S STATEMENT FOR THE CONSOLIDATED UNAUDITED GROUP RESULTS FOR THE HALF 
                            YEAR ENDED 30 JUNE 2009                            

I am pleased to report that the six months to 30 June 2009 has been a
challenging but relatively stable period for the company after the
extraordinary turbulence and uncertainty of the second half of 2008.

GSC entered 2009 hoping for the best but prepared for the worst, confident that
its low risk strategy of focussing on owning quality commercial properties
funded over the long term at fixed rates was the right one. Fortunately the
worst fears of the "experts" did not materialise and GSC has delivered a most
satisfactory set of results. Rental income held steady at GBP3,915,575 compared
with GBP3,980,948 in the equivalent period last year. Profit before interest
rose 3.5 per cent to GBP3,215,023 (2008: GBP3,105,874), an excellent
performance in the circumstances and a most favourable reflection on the
quality of our rental portfolio.

The Board has declared an unchanged dividend of 2.0 pence (2008: 2.0 pence)
which will be paid on 11 November 2009 to shareholders on the register on 28
October 2009.

Activity in the six months to end June 2009 was very limited and no changes
were made to the company's property portfolio. Since the period end the company
has sold its interest, at a small premium, in a building in Glasgow housing a
branch of Clydesdale Bank. Generally occupancy levels across the company's
portfolio remain high with just one tenant failure this year.

Towards the end of the period there were some encouraging signs that the
property investment market was stabilising, albeit at valuations significantly
below those of twelve months earlier. This is positive for GSC, which can move
very quickly if the right investment opportunity presents itself, principally a
quality property with unrealised potential. Financing is in place and the
company has a number of lines of credit to draw down.

GSC is a successful, well-financed business with a conservative and proven
investment strategy. Conditions in the property market have been extremely
difficult but are showing signs of improvement. GSC is well placed to act and
will do so when the right opportunities present themselves.

Alan Gerschlick

Chairman

30 September 2009

CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the half year ended 30 June 2009

                        note          6 months to      6 months to     12 months 
                                      30 Jun 2009      30 Jun 2008     to 31 Dec 
                                      (unaudited)      (unaudited)       2008    
                                                                       (audited) 
                                                                               
                                           GBP             GBP             GBP        

Turnover                 2             3,915,575        3,980,948       7,793,240    
                                                                                  
                                     ------------     ------------    ------------ 
                                                                                  
Gross profit                           3,852,275        3,908,348       7,638,353    
                                                                                  
Administrative and                     (789,403)        (802,474)      (2,475,228)  
distribution expenses                                                             
                                                                                  
Assets held for Sale -                       -                -        (2,500,000)  
Fair Value Adjustment                                                              
                                                                                  
                                     ------------     ------------    ------------ 
                                                                                  
Operating profit                       3,062,873        3,105,874       2,663,125    
                                                                                  
Loan exit fee                                                            (604,812)    
                                                                                  
Other operating income                   152,150              -                 -            
                                                                                  
                                     ------------     ------------    ------------ 
                                                                                  
Profit before interest                 3,215,023        3,105,874       2,058,313    
                                                                                  
Interest payable (net)                (2,518,168)      (2,567,154)     (5,571,416)  
                                                                                  
                                    -------------    -------------   -------------
                                                                                  
Profit/(Loss) on                         696,855          538,720      (3,513,103)  
ordinary activities                                                               
before tax                                                                        
                                                                                  
Tax on profit on         3                  -                -               -            
ordinary activities                                                               
                                                                                  
                                    -------------    -------------   -------------
                                                                                  
Profit/(Loss) for the                    696,855          538,720       (3,513,103)  
period                                                                            
                                                                                  
                                    ===========      =============   =============     
                                                                                  
Earnings per ordinary    6                 6.66             5.15          (122.37)     
share (p)                                                                         

Statement of total realised gains and losses

                                      6 months to    6 months to     12 months to
                                      30 Jun 2009    30 Jun 2008     31 Dec 2008    
                                      (unaudited)    (unaudited)      (audited) 
                                           GBP            GBP            GBP        

Profit/(Loss) for the                    696,855       538,720       (3,513,103)   
financial period                                                                
                                                                                
Unrealised surplus /                          -             -        (9,296,711)   
(deficit) on revaluation of                                                     
property                                                                        
                                                                                
                                      ----------    -----------   --------------
                                                                                
Total recognised gains and               696,855       538,720      (12,809,814)  
losses for the period                                                           
                                                                                
                                      ==========    ===========   ==============      
                                                                                

CONSOLIDATED BALANCE SHEET
At 30 June 2009

                                       Unaudited      Unaudited     31 December  
                                         as at          as at          2008 
                                    30 June 2009   30 June 2008      (audited)            
                            Note         GBP            GBP              GBP
                                                                             
Fixed Assets                                                                 
                                                                             
Intangible assets                     273,041         290,657          281,849
                                                                             
Tangible assets                     4,312,549       3,724,596        4,376,262
                                                                             
Investment properties        6     86,521,001      93,894,000       86,521,001
                                                                             
                                 -------------- --------------   --------------
                                                                             
                                   91,106,591      97,909,253       91,179,112
                                                                             
                                 ============== ==============   ==============
                                                                             
Current assets                                                               
                                                                             
Stock                                  12,896          13,569           13,236
                                                                             
Asset held for sale                20,000,000      22,500,000       20,000,000
                                                                             
Debtors                             2,163,319       1,915,714        1,422,021
                                                                             
Other short-term                          200             200              200
investments                                                                  
                                                                             
Cash at bank and in hand              647,217       2,130,397        1,280,991
                                                                             
                                  -------------- -------------    -------------
                                                                             
                                   22,823,632     26,559,880       22,716,448
                                                                             
                                  =============  =============    =============
                                                                             
Creditors: amounts falling         (6,870,695)   (13,304,443)      (7,071,027)
due within one year                                                          
                                                                             
                                  -------------  --------------   -------------
                                                                             
Net current assets                  15,952,937     13,255,437      15,645,421
                                                                             
                                  -------------  --------------   -------------
                                                                             
Total assets less current          107,059,528    111,164,690     106,824,533
liabilities                                                                  
                                                                             
Creditors: amounts falling         (88,197,758)   (79,284,804)    (88,502,598)
due in more than one year                                                    
                                                                             
Provisions: deferred tax                   -              -                -
                                                                             
                                  ------------- --------------    -------------
                                                                             
Total assets                        18,861,770     31,879,886      18,321,395
                                                                             
                                  ============= ==============    =============
                                                                             
Capital and reserves                                                         
                                                                             
Called up share capital                104,680        104,680         104,680
                                                                             
Share premium account                1,414,350      1,414,350       1,414,350
                                                                             
Revaluation reserve                 12,362,810     21,659,521      12,362,810
                                                                             
Profit and loss account              4,979,930      8,701,335       4,440,095
                                                                             
                                 -------------- -------------- --------------
                                                                             
Shareholders' funds                 18,861,770     31,879,886      18,321,935
                                                                             
                                 ==============  ============= ==============

NOTES TO THE INTERIM REPORT 2009

 1. BASIS OF PREPARATION
   
The accounting policies used for the audited financial statements at 31
December 2008 have been used in the preparation of this interim report.

The interim report is unaudited and does not comprise full financial
statements. The results for the year to 31 December 2008 are an abridged
summary of the financial statements for that year which have been delivered to
the Registrar of Companies and on which the auditors' report was unqualified.

 2. TURNOVER
   
Turnover represents rental income on the group's investment portfolio and
turnover from hotels, invoiced in the period and is stated net of VAT.

Included within turnover is GBP 589,200 of revenues from hotel operations
(2008: GBP 670,700).

 3. TAX CHARGE
   
No provision has been made for corporation tax for the current half year
because of tax losses being brought forward from last year.

 4. DIVIDENDS PROPOSED
   
The directors propose an interim dividend of 2p per share (GBP 209,360) which
will be paid on 11 November 2009 to shareholders on the register at the close
of business on 28 October 2009.

In accordance with FRS21 the company recognises dividends in the financial
statements in the period in which they are paid.

 5. EARNINGS PER SHARE
   
Earnings per share have been calculated to include total earnings attributable
to equity shareholders arising in the period:

                                  6 months      6 months     12 months to
                                 to 30 June    to 30 June    31 December 
                                    2009          2008           2008    
                                                                        
                                     GBP           GBP           GBP         
                                                                        
Total earnings/losses arising      696,855       538,720    (12,809,814)
in the period                                                           
                                                                        
Weighted average shares in      10,468,000    10,468,000      10,468,000
issue                                                                   
                                                                        
Total earnings per share (p)          6.66          5.15        (122.37)


 6. INVESTMENTS
   
In the 6 months to 30 June 2009 there were no purchases or sales of properties.



The directors of GSC Property Holdings plc accept responsibility for this
announcement