Business Model

We acquire regional properties and unlock value to create sustainable assets through our proactive management approach to property investment.

Key Resources

 

Our People

  • Extensive property and financial expertise
  • Over 100 years of combined real estate expertise
  • Regional expertise
  • Entrepreneurial and pro-active approach to property investment

Our Portfolio

  • Majority of portfolio is core plus generating strong cash-on-cash returns
  • Value-added and opportunistic assets with future growth potential
  • Potential development pipeline within existing portfolio
  • Lower risk focus in markets showing supply-demand imbalance and rental growth

Our Funding

  • Balanced capital structure with conservative debt level
  • Core portfolio creates surplus cash generation which in turn supports dividends
  • Sustainable cash returns
  • Debt maturity matched to portfolio lease lengths
  • Strong relationships with main UK clearing banks

Portfolio Mix and Financial Benefit

Acquisition of Assets

We identify and buy strategically located real estate outside London that fits our investment criteria.

Core-plus Thumbnail image

Core-plus

The core of the portfolio has medium/long leases, high occupancy and a strong income profile.

Benefit

Sustainable income generated, used to fund dividends

Value-add Thumbnail image

Value-add

We reinvest surplus capital to adapt to changing occupier demands.

Benefit

Short term upside in rents and portfolio value

Opportunistic development Thumbnail image

Opportunistic development

Within the investment portfolio, we have identified potential development opportunities, which will unlock significant growth over the medium/long-term.

Benefit

Medium/long-term upside in rents and portfolio value

Disposal and Reinvestment

Once we have achieved our objectives, we recycle capital into new opportunities through disposal.

Characteristics of disposals:

01

to be changed

Assets with limited growth prospects

02

to be changed

Non-core assets that don’t fit with our regional office and industrial strategy

03

to be changed

Assets where we can realise profit that reflects good value from our investments, which we can reinvest into growth opportunities

04

to be changed

Assets that are vacant

Value Created

to be changed

Investors

  • We have a total return strategy, involving increasing capital return as well as income returns.
  • Ambition to outperform our sector as measured against MSCI benchmark.

Total Property Return

1.1%

versus MSCI Index: -0.5%

to be changed

Tenants

  • We create space for modern occupational requirements.
  • We aim to ensure our refurbishments and redevelopments are environmentally efficient.

Space let in the year

292,000 sq ft

to be changed

Communities

  • Sustainably built developments.
  • Meeting regional demand.
  • Working with local authorities.
  • Helping regenerate city centres through developing desirable real estate.

No. of commercial leases across portfolio

220