Annual Report 2024

We have outperformed the MSCI UK Quarterly Property Index again this year. This marks our eleventh consecutive year of outperformance and maintains our track record of upper quartile performance since launch in 2005.

We have repositioned the portfolio, reducing office exposure with two assets held for sale at year-end. We have captured rental growth through asset management and have a diversified income stream with stable occupancy and 99% rent collection.

We have a resilient business model with valuable long-term fixed rate financing. 93% of our drawn borrowings are fixed with 2031/32 maturities.

Our portfolio has significant reversionary potential of £12.8 million, 29% above the March 2024 passing rent.

We continue to make good progress against our sustainability priorities, with improved EPC ratings A-C (80%) and an increase in solar capacity of 184% compared to 2023