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Enhanced income-focused portfolio valued at £1.5bn

We have made significant progress in simplifying and repositioning our geographical footprint to benefit from future economic growth and attract high calibre occupiers on long secure leases.

  • Exposure to assets with stronger fundamentals providing income-led asset management opportunities
  • More active capital recycling
  • Investment market remains strong for secure income
  • Disposals to focus on mature and underperforming assets

Figures as at 31 August 2016

Portfolio performance(1)

  • £1.5bnTotal market value of portfolio
  • 5.8%EPRA initial yield
  • 97.7%Occupancy by ERV
  • 174Properties in portfolio

(1) Figures as at 31 August 2016

Market value

UK Retail


Six wholly-owned dominant regional and community shopping centres tenanted by leading retailers including Debenhams, Asda, Tesco, Wilko and TK Maxx.

AUK retail assets, which are 80% in London, South East and big 6 UK cities, contributes five well located retail parks which are supported by positive tenant demand and upsize requirements. 

EPRA net initial yield 6.3%
Occupancy (% by ERV) 98.7
Lettable area (m2) 237,694
Annualised gross rental income (£m) 40.6
No of properties 14
Weighted average lease length 8.8

Figures as at 31 August 2016

UK Commercial


Portfolio comprises 64 properties diversified across London and regional offices, distribution centres, motor trade and roadside service stations.

The 24 UK offices are predominantly well located Government-let properties with the majority subject to index-linked rental growth. Some of these offices, eg Watford and Southwark, offers significant alternative use development opportunities. The AUK portfolio contributes five offices, one located in London and the remainder in South UK or the "Big 6" UK cities.

The service stations and motor trade properties provide defensive income on long leases with leading brands including BP and Kwik Fit. As part of the AUK portfolio the company now owns three well located distribution centres.

EPRA net initial yield 5.4%
Occupancy (% by ERV) 94.6
Lettable area (m2) 216,829
Annualised gross rental income (£m) 27.5
No of properties 64
Weighted average lease length 6.1

Figures as at 31 August 2016 (including share of joint ventures)


UK Hotels


The UK Hotels portfolio comprises eight hotels in Greater London and the South East. These are all limited service hotels which are branded either Holiday Inn, Holiday Inn Express, Crowne Plaza or Travelodge. The portfolio also includes the DoubleTree by Hilton in Edinburgh.

The hotel portfolio is managed by RedefineBDL, the UK's largest independent hotel manager, of which we own 25.3%.

EPRA net initial yield 6.1%
Lettable area (m2) 41,323
Annualised gross rental income (£m) 15.0
No of properties 9
Weighted average lease length 10.3

Figures as at 31 August 2016



The European portfolio consist of 87 properties including three well located shopping centres; Schloss‐Strassen Center located in Berlin, Bahnhof Center in Hamburg and City Arcaden in Ingolstadt.

Other assets include retail parks, discount supermarkets (50% JV with Redefine Properties) and government‐let offices (49% JV with Menora).

EPRA net initial yield 5.6%
Occupancy (% by ERV) 98.5
Lettable area (m2) 186,061
Annualised gross rental income (£m) 22.8
No of properties 87
Weighted average lease length 6.5

Figures as at 31 August 2016 (including share of joint ventures)