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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 28 February 2017

Portfolio performance(1)

  • £1.5bnTotal market value of portfolio
  • 5.9%EPRA NIY
  • 98.0%Occupancy by ERV
  • 165Properties in portfolio

(1) Figures as at 28 February 2017

Market value

UK Retail

£537.0m

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 6.2%
Occupancy (by ERV) 97.5%
Lettable area (m2) 236,102
Annualised gross rental income £40.3m
No of properties 14
Weighted average lease length 8.3 yrs

Figures as at 28 February 2017

UK Commercial

£386.1m

Portfolio comprises 61 properties diversified across London and regional offices, distribution centres, motor trade and roadside service stations.

The 20 UK offices are predominantly well located Government-let properties with the majority subject to index-linked rental growth. Some of these offices, eg Southwark, offers significant alternative use development opportunities. The AUK portfolio contributes four 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 two well located distribution centres.

EPRA net initial yield 5.6%
Occupancy (by ERV) 96.7%
Lettable area (m2) 199,491
Annualised gross rental income £24.9m
No of properties 61
Weighted average lease length 5.9 yrs

Figures as at 28 February 2017 (including share of joint ventures)

 

UK Hotels

£229.3m

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 30.4%.

EPRA net initial yield 6.2%
Hotel rooms 1,227
Annualised gross rental income £15.3m
No of properties 9
Weighted average lease length 9.8 yrs

Figures as at 28 February 2017

Europe

£307.0m

Our German portfolio includes 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 and discount supermarkets.

EPRA net initial yield 5.3%
Occupancy (by ERV) 99.0%
Lettable area (m2) 174,217
Annualised gross rental income £19.6m
No of properties 81
Weighted average lease length 6.1 yrs

Figures as at 28 February 2017 (including share of joint ventures)