Our objectives

We aim to provide shareholders with an attractive level of income, together with the potential for income and capital growth.



6.2 pence for the year ending 31 March 2022


As at 30 September 2021

Paid or declared dividends of 3.1 pence per share in respect of the six months ended 30 September 2021 in line with the target for the financial year

Total accounting return


10% per annum, through a combination of dividends and growth in NAV

Six months to 30 September 2021

15.1% total accounting return for the six months ended 30 September 2021 16.0% annualised total accounting return since IPO

Our strategy

To achieve our objectives, we follow the strategy set out below:



We look for attractive sites, close to major transport links and large conurbations, with a high level of occupier demand and suitable local workforce.


We look for buildings with a range of different uses and long term flexibility, including the potential to change permitted use.


We look for buildings that match occupiers’ current and future needs. Multi‑let estates spread risk and offer more asset management opportunities than single-let assets. Rental increases can also be reflected across the estate. We generally target buildings of less than 100,000 sq ft and have an average size of 10,000 sq ft.


We budget to spend 0.75% of our GAV on capital expenditure each year, with a target return of at least 10%. We also target a vacancy level of 5-7%, since vacant properties allow us to carry out asset management activities.

Improving the sustainability performance of our assets, for example by improving their energy efficiency, is an important part of maintaining property values and occupier appeal.


We fund the business through shareholders’ equity, bank debt and any disposal proceeds we generate. We look to raise equity at times when we can make investments that are accretive to shareholders.

Our strategy for debt financing is to maintain a prudent level of debt, with a LTV range of 30-40% in the longer term. We look to hedge the interest on a proportion of our debt, to provide certainty over our financing costs.