Our objectives

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



Our target for the year was a total dividend of 6.2 pence per share


Outcome in 2020/21

Achieved – we declared total dividends of 6.2 pence per share

Plan for 2021/22

Our target dividend for 2021/22 is at least 6.2 pence per share

Total accounting return


Our target is at least 10% per annum, through a combination of dividends and growth in NAV

Outcome in 2020/21

Achieved – the total accounting return for the year was 27.7%

Plan for 2021/22

We continue to target a return of at least 10% per annum

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.