3
MKS /NOV2014
INTRODUCTION
Deliveringagrowth strategy
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Deploymentof funds following£86.7mCapital Raising (February2014):
– Fiveacquisitions completed in theperiod
– Refurbishmentprojectsaccelerated
– Decision taken todevelop speculativeoffice schemesat LombardStreet, EC2,
Redhill andReading
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Growth inportfolio scaleandpotential:
– 26.4% valuation increaseoverall (4.8% surplus) to£321.70m
– 31.2% increase inportfolioERV
1
(2.3%) L/L) to£24.68mpa
– Portfolio reversionof£4.43mpa (March2014: £2.60mpa)
– Developmentprogramme toaddcirca£4.75mpa (netof current contributions) toERV
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Constrainedbuilding supplyenhancingprosects for rental growthacrossall ourmarkets
1: ERV (unimproved spec) @ 30.9.14
