Does anybody find it slightly suspicious that PS has never spoke about the investment potential of Katowice until earlier this week when they released an in depth article about how Katowice could be the next big thing. Lo and behold only days later they release details of a new development in , wait for it, Katowice. I find PS analysis genuine, well researched and intelligently written but am somewhat cycnical about where their priories lie

Hi Stuart Good question - and it goes to the heart of our business. We set ourselves up as a publishing business - that sources deals - not the other way around. However, the truth is (and we've been asked this question before) that when we are actively looking to source deals and (in many cases - as individuals) put our own money into these investments - it focuses the mind. We also find that our local partners become more forthcoming with the hard to get information (especially in places where there has been hardly any property activity, until now) - and we can afford to send investment brokers to the site and cities to check them out. Hence, there is a sense in which our publishing knowledge will always be deepened and extended by our activities on the ground. I understand that you may be suspicious - and that is natural. We do have independent editorial and deal broking arms. It is true that one will always try to influence the other - but they do not control each other. For instance, sometimes our editorial team suggests locations to our Investment Brokers - and sometimes our investment brokers suggest editorial to our publishing team. I, personally, have been very keen on Prague for the past 3 months - I think it has been overlooked and the messages coming out of the market in the past month are that I've been right. I've posted those views on this forum - and now, our investment team has been refocusing on this market again - so expect more news and deals from this location. In addition, some parts of East Poland are starting to look interesting - Lublin for instance or Rzeszow (aviation alley). We are also looking at Constanza near (not on) the Romanian coast - so we'll be publishing more on that location - and yes, we may well source a deal there too. The truth is, that as a small team, we can't be everywhere (and Europe is becoming an increasingly large place) - but I beleive that despite the suspicions you'd rather we focus on the areas with opportunities rather than stick to a rote discussion of the tried and tested areas? Our challenge is to do this in a way that builds your confidence rather than undermines it - but in truth, given that editorial deadlines move and deals come and go (especially the ones you guys never hear about) there will always be a degree of suspicion and that is probably a sensible way to treat any of our advice. Personally, I think that we get it right a suprising number of times. And when I look at how wrong established and independent analysts get the property market - I think it is almost miraculous. Hope this helps. Cheers Neil ps. By the way, I think Katowice looks like another Lodz - and I think is the type of city that will post 50% gains in the next 12 months (my Polish mortgage broker thinks the same too) - but that is my personal opinion - please don't hold Property Secrets to it if it does happen. :-)

Hello Neil thanks for your reply. I happen to agree with you about Katowice and have been waiting for the Oak Terraces to release their second stage of developmrnts for a few months now. Let me also repeat that i think PS analysis is very good. However, my point was that if PS has been watching Katowice for a while ( which i would assume they must have done) wouldnt they have mentioned it before now rather than only a few days before releasing details of the development they are representing regards stuart

Hi Stuart I think Neil has answered your post well, but can I just address your suspicions about timing. First, though, can I just say thanks a lot for the compliment about the content. It really does mean a lot to hear people say the quality is good. I understand your view – but I want to stress that PS really is trying to do something different. Let me explain. Research and its presentation in a meaningful way don’t happen overnight and nor does the sourcing of a deal. The report on Katowice came from a distilation of a great deal of work over a long period. Clearly, much of that work began because of a sense that this was a good market to look at. It turned out that this hunch (if you like to call it that) was correct - at least that is our view of the evidence. At the same time research was ongoing into the possibility of a deal. So, the fact that the two come to fruition at around the same time is not really surprising, surely. More importantly, it would be fairly crass of us to expect anyone not to notice that the report was followed by a deal. We really don’t expect that for a minute! Instead, we’re trying to show you how we arrive at our view and why we’re presenting this deal. The report is for you to consider the arguments made for the location and the deal itself is for you to consider as a separate proposition. If anyone thinks it’s all just one big sell – and I appreciate you’re not saying that - then we can only point to the Property Secrets track record and ask: if we get it right most of the time, what else matters? So, if I may, can I urge you to forget about timing, put suspicions aside, and focus on our arguments. If you’re not convinced by those, I’d be the first to say: don’t invest! Cheers Robin

Stuart. If its any help I can tell you that I went to a PS meeting of prospective investors in Leeds a few weeks ago and Katowice was mentioned there. It was either Richard Davies (Investment Director) or one of the Analysts that said that Katowice was one they had their eye on and they hoped to source a deal there before too long. Nick