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.

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Income

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

Benefit

Sustainable income generated, used to fund dividends

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Value-add

We reinvest surplus capital to adapt to changing occupier demands.

Benefit

Short term upside in rents and portfolio value

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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

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Assets with limited growth prospects

02

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

03

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

04

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Assets that are vacant

Value Created

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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

12.5%

versus MSCI Index: 19.6%

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Tenants

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

Space let in the year

319,000 sq ft

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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

186