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As at 31 December 2024, the underlying portfolio comprised 38 properties valued at £473.9 million. It generated annual rent of £28.5 million, reflecting a net initial yield of 5.6% (MSCI Benchmark: 5.1%). Note that the University of Law, the tenant at Store Street in Bloomsbury, is in a 10-month rent free period ending on 16 October 2025. Adding back the Company's share of its annual rent, being £2,359,885, would result in a net initial yield of 6.1%. The portfolio's ERV is £39.6 million, reflecting a reversionary yield of 8.4% (MSCI Benchmark: 6.1%). The portfolio void rate was 11.6% calculated as a percentage of ERV, with 0.2% of space completed since the period end and a further 3.6% of space currently under offer and in advanced legal negotiations. The weighted average unexpired lease term, assuming all tenants vacate at the earliest opportunity, is 5.3 years. A further update on portfolio activity will accompany the dividend announcement.
Name | Age | Since | Title |
---|---|---|---|
Alexandra Winifred Louise Innes | 49 | 2022 | Independent Non-Executive Director |
Alastair James Hughes | 60 | 2017 | Independent Chairman |
Priscilla Ann Davies | 54 | 2022 | Senior Independent Director |
Sanjay Patel | - | 2024 | Independent Non-Executive Director |
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