Business model


Skilled and experienced people

We rely on the skills and experience of Tilstone Partners Limited, the REIT’s Investment Advisor and their team of property, finance, and other professionals.

How we create value

Identify assets to acquire

We draw on Tilstone’s extensive networks, often assisted by Savills, to help us source suitable investments. This can enable us to acquire assets off‑market, potentially on more attractive terms, which is an important advantage. Key considerations include the quality and diversity of existing income, supply and demand for space in the local market, and the asset’s sustainability performance.

Review and approve transactions

Tilstone conducts thorough due diligence, following the inspection of each asset and typically meeting each tenant. The process addresses the environmental, social and governance (“ESG”) aspects of each asset as well as legal and valuation implications. A summary report, including financial cash flow and project return forecasts, is reviewed by Tilstone’s Investment Committee and only with unanimous support does the acquisition pass to the Investment Manager for approval. The REIT Board reviews any acquisition representing 10% or more of GAV.

Monitor and manage investments

Day-to-day property management is outsourced to Savills and Aston Rose, freeing Tilstone to focus on strategic conversations with tenants and regular visits to assets. This is key to our ‘space intelligence’, which involves understanding the assets and our tenants’ needs, and helps to drive lease renewals and new lettings, which contribute to rental and NAV growth. Tilstone also monitors the market, often with Savills’ support, to identify potential investment and occupier opportunities.

Create value through asset management

Tilstone creates detailed business plans and scrutinises each asset before acquisition, including a range of asset management outcomes. We support lease renewal and rental growth through targeted capital expenditure and explore other value creation opportunities, for example by redeveloping surplus land or improving an asset’s sustainability performance. Tilstone’s contacts are important for letting vacant space, while close tenant relationships ensure that most renew their leases, underpinning our income and rental growth.

Recycle capital

While our intention is to be a long-term holder, we recognise that the life cycle of an asset passes through peaks and troughs. Once we have completed our asset management plan for a property, we will consider a disposal. We also look to dispose of assets that are non-core to the portfolio and will sell assets where future outcomes are forecast to underperform.

Creating economic value

6.2 pence

Dividend per share target to March 2021


Total accounting return for six months to 30 September 2020