TIDMGRIO
RNS Number : 5357K
Ground Rents Income Fund PLC
22 December 2022
22 December 2022
Ground Rents Income Fund plc
UNAUDITED PORTFOLIO VALUATION, REGULATORY REFORM UPDATE, AND
SHAREHOLDER CONSULTATION
Ground Rents Income Fund plc ("GRIO" or the "Company") provides
an update on its portfolio valuation as at 30 September 2022, the
continuing impact of regulatory reform, and proposals for a
shareholder consultation relating to the forthcoming Continuation
Vote. Key points for shareholders to note are:
-- The unaudited independent valuation of the portfolio as at 30
September 2022 was GBP109.0 million, reflecting a decline of 0.9%
over the six month period from 31 March 2022, and a decline of 8.7%
over the 12 month period from 30 September 2021.
-- As at 30 September 2022, 21% of the portfolio by value was
subject to a Material Valuation Uncertainty Clause, with a negative
valuation adjustment for building safety regulatory reform of
GBP11.4 million. Further progress since the 30 September 2022
valuation date means that the relevant percentage of assets
impacted is now approximately 17%. The valuation also includes a
negative valuation adjustment for residential leasehold regulatory
reform of GBP3.8 million.
-- The recent introduction of the Building Safety Act 2022
("BSA"), and challenges associated with verifying the valuation
adjustment, will lead to a delay producing the audited results for
the year ending 30 September 2022, and may lead to an audit report
modification.
-- The Board and Manager endorse the BSA's aims of improving
building standards, but it has, despite the Company not developing
any of its assets, increased the challenges associated with
resolving complex building safety issues. Notwithstanding, since
Schroders' appointment as Manager in mid-2019, and subsequent Board
appointments, progress is being made in protecting both
leaseholders' interests and our shareholders' investments.
-- The Company intends to consult with shareholders in January
2023 on the forthcoming Continuation Vote.
* At the bottom of this statement is an Appendix containing a
breakdown of the portfolio statistics used throughout for ease of
reference.
Barry Gilbertson, the Company's Chair, said:
"The Company continues to operate in an increasingly challenging
regulatory environment, and we are working hard to protect both our
leaseholders' interests and our shareholders' investments. Since
Schroders' appointment in mid-2019, and our subsequent new Board
appointments from late 2019, progress has been made to reduce risk
and manage historic, legacy issues. Given this uncertain outlook,
and the forthcoming Continuation Vote, the Board and Schroders
intend to consult with shareholders to determine the best strategy
for managing these various complex issues and optimising value for
shareholders."
Portfolio valuation and unaudited NAV as at 30 September
2022
As at 30 September 2022 the Company's independent valuer,
Savills, valued the portfolio at GBP109.0 million. This reflects a
decline of GBP1.0 million or -0.9% compared with the independent
portfolio valuation of GBP110.0 million as at 31 March 2022, and a
decline of GBP10.4 million or -8.7% compared with the independent
portfolio valuation of GBP119.4 million as at 30 September
2021.
Consistent with the approach taken for the unaudited interim
results for the six month period ending 31 March 2022, Savills, in
conjunction with industry peers and the Royal Institution of
Chartered Surveyors (the 'RICS'), have maintained the Material
Valuation Uncertainty Clause ('MUC') relating to building safety
issues, with the MUC technically not applying to the residential
leasehold reform risk. An improved understanding of building
remediation requirements across the portfolio meant the MUC was
more narrowly applied with respect to the six-month period ending
on 30 September 2022, with 30 of the Company's 390 assets subject
to a building safety valuation adjustment, representing 21% of the
portfolio by value (31 March 2022: 31% of portfolio value; 30
September 2021: 11% of portfolio value). Further progress since the
valuation date means that the relevant percentage of assets
impacted is now approximately 17%. The valuation was also impacted
by general leasehold reform uncertainties which, together with the
building safety issues, resulted in limited market transactional
evidence.
Including adjustments made in prior periods, the aggregate
valuation adjustments adopted by Savills for building safety and
residential leasehold regulatory reform are GBP11.4 million and
GBP3.8 million respectively as at 30 September 2022, or GBP15.2
million in total (31 March 2022: GBP18.6 million in total; 30
September 2021: GBP7.2 million in total). Due to the very recent
introduction of the Building Safety Act ("BSA") in April 2022,
outlined in more detail below, Savills' valuation makes assumptions
where the full extent of the Company's liability for building
safety works at the 30 relevant assets are currently unclear or
unknown. This includes attributing a risk rating to each of the
assets based on the relevant information provided by the Manager.
This risk rating, adopted following the introduction of the BSA, is
a means of quantifying the extent to which building safety
remediation may be required, and whether those responsible for the
defects, such as developers and contractors, remain in
existence.
In order to provide shareholders with as much disclosure as
possible, the Board and Manager are working with their key advisors
and the Company's auditor, PricewaterhouseCoopers LLP ('PwC'), to
more accurately verify the valuation adjustments used in the
forthcoming audited year end accounts to 30 September 2022. To do
so, we are adopting new Government guidance to verify the extent
and cost of building safety remediation that is required across the
portfolio, and the party, or parties, responsible for such costs.
This is challenging due to the rapidly changing legislative
environment and increased demand for specialist building
consultants.
The Board and Manager have a clear strategy to provide this
verification and it is possible that the verification exercise may
lead Savills to change its valuation adjustment, which could
increase or decrease the valuation as at 30 September 2022 to be
used in the audited accounts at the same date. If sufficient
verification cannot be provided, then the Company's accounts may be
subject to an audit report modification. The Company has obtained
approval from The International Stock Exchange ('TISE') to extend
the filing date from 31 March 2022 to 30 June 2023, with the
accounts being made available earlier if possible. The Company will
also seek approval from Companies House, if required, in early
2023.
Based on the Savills portfolio value of GBP109.0 million, the
Company is able to provide an estimated, pro-forma, unaudited NAV
as at 30 September 2022 of GBP88.5 million, or 92.5 pence per share
('pps') (unaudited 31 March 2022: GBP89.5 million or 93.6 pps;
audited 30 September 2021: GBP99.7 million or 103.1 pps). As noted,
the audited NAV that the Company will release as soon as
practicably possible in 2023, may be subject to an increase or
decrease based on the aforementioned verification exercise.
Building safety reform
The Building Safety Act 2022 (the 'BSA') received Royal Assent
on 28 April 2022 and secondary leaseholder protection legislation
became law in July 2022. The Board and Manager endorse the BSA's
aims of improving building standards, and helping to protect
leaseholders living in their homes from the costs of remediating
building safety risk issues. The Government has expressed a desire
to put in place legal rights to support claims in the context of
the "Polluter Pays" principle, by attempting to impose a primary
liability with original developers and their building contractors
(and associated entities) to remediate affected buildings. In
January 2022 the British Standards Institute, in conjunction with
Government, also introduced more proportionate building safety
assessment guidelines, known as 'PAS9980'. This guidance, together
with a state-backed professional indemnity insurance scheme for
relevant assessors, is hoped to lead to more comprehensive fire
risk assessments and more proportionate remedial measures,
potentially reducing unnecessary costs.
Alongside the BSA, the Government asked original developers of
affected residential buildings to sign a "Pledge", committing them
to remediate, at their cost, the buildings they have developed over
the past 30 years. The BSA, together with commitments under the
Pledge, has led a number of large, listed developers to make
significant provisions to pay for these works over time. The
Company did not develop any of the assets in the portfolio, meaning
it is not the 'Polluter'.
Despite the Polluter Pays principle,, the BSA also places
responsibility for remedying unfunded, residual defects upon
landlords such as the Company. This could impact the Company.
Consequently, understanding the extent of this residual risk is the
purpose of the verification exercise outlined above. In order to
protect shareholders' interests, we and other institutional owners
are also making representations to the Government in order to
encourage greater fairness towards landlords who have not developed
the assets, and a better understanding of the potential
consequences of this aspect of the BSA.
Whilst the BSA has increased the complexity of the challenges
facing the Company, we are already acting to protect both
leaseholders' interests and our shareholders' investments, and the
following progress is being made:
-- Robust processes are in place to manage building safety
issues, including regular and transparent communication with
leaseholders who, in many cases, are understandably frustrated by
issues that are impacting their ability to sell, or even
re-mortgage, their home.
-- Remedial work has commenced at seven out of the 30 properties
referenced above (6.6% of current portfolio by value) which is
being funded by either the original developers or the
Government.
-- Q ualifying applications for Government funding have been
made at a further eight properties (3.7% of current portfolio by
value).
-- Working closely with the Government's delivery partner for
the Building Safety Fund ('BSF'), Homes England, and the Greater
London Authority, we are one of the first institutional landlords
to agree a main Grant Funding Agreement ('GFA'). Negotiations for a
further three GFAs on the 'Managed Estate' (where the Company
retains management responsibilities) are progressing in order to
receive funding and complete works that will accelerate remediation
and thereby enable leaseholders to sell or re-mortgage their
homes.
-- Across the 'Managed' and 'Non-managed Estate' (where a
Residents Management Company ('RMC') is responsible for managing
the building), we are progressing, or are aware of, approximately
GBP56 million of developer or Government funded remediation
projects at 17 properties. This includes four properties where
works have already been completed (over and above the 30 referenced
above), at no significant cost to the Company. In these cases the
Company's cost exposure was limited to professional and other
fees.
-- New fire alarm systems installed at 10 properties, removing
the requirement for expensive 'waking watches' whilst additional
building safety works are addressed. In most cases, costs have
initially been met by Government funding, and those organisations
deemed ultimately responsible will be legally pursued where
relevant.
-- With respect to the 'Managed Estate', which includes eight
out of the 30 properties referenced above, we are actively pursuing
six developers under the new powers provided by the BSA, including
waking watch costs and higher insurance premiums payable by
leaseholders due to building safety defects.
-- With respect to the 'Non-Managed Estate' which includes 22
out of the 30 properties referenced above we are assisting
leaseholders (and their RMC where appropriate) wherever possible,
such as providing consents for building safety assessments or
leveraging contractual relationships where we hold collateral
warranties from the original developer or contractor. Our approach
recognises that many RMC's are supported by little to no
shareholder equity, and that management and responsibilities
transfer to the landlord when an RMC ceases to exist. There can
also be practical challenges associated with obtaining information
relating to the Non-Managed Estate, as the RMC has responsibility
for dealing with its leaseholders, as well as providing consent for
access to its demise.
-- The Manager, in conjunction with our legal adviser, property
manager and health & safety specialist, is putting in place the
new landlord and leaseholder certification processes set out in the
leaseholder protection regulations, as well as continually working
towards establishing the 'Golden Thread' of building information
for every asset.
More broadly, we have also made the following progress in
relation to our objective to deliver best-in-class residential
asset management:
-- Continued progress implementing 'Project Pacific', an asset
management programme to remove doubling residential ground rents
from the portfolio at no cost to the leaseholder. This project was
voluntarily initiated by the Company in 2017, well before
Government reform. To date, 446 leaseholders have taken up the
Project Pacific offer, which represents approximately 15% of
qualifying leases and 2% of total leases across the portfolio. To
accelerate this programme of activity, leaseholders with doubling
ground rents that may be considered onerous were provided with an
improved offer during the financial year. Acceptance should enable
the leaseholder to secure improved mortgage terms and improve the
liquidity of their home.
-- Having resolved the highly complex legacy litigation at
Beetham Tower in Manchester in August 2021, the Board and Manager
are continuing to deal with legacy issues relating to historic
transactions and portfolio activity carried out prior to the
current Board and Manager's appointments with the Company. These
legacy issues are granular, time consuming, and generally relate to
disputes concerning legal title, disrepair and property
management.
-- Against the backdrop of the cost of living crisis, we are
demonstrating the benefits of institutional ownership in the ground
rents sector through activity such as bulk buying utilities and
lower building insurance premiums.
Shareholder consultation
Continuation Vote
As noted in the interim results, the Company's Articles of
Association (the 'Articles'), adopted prior to admission to the
Official List of the Channel Islands Stock Exchange (now The
International Stock Exchange, or 'TISE'), and to trading on the
SETSqx platform of the London Stock Exchange in August 2012,
'Admission') contain provisions that provide shareholders with a
vote on the future of the Company, commonly known as a
'Continuation Vote'. Such votes are relatively common in investment
trusts as a means of enabling shareholders to realise their
investment at, or close to, net asset value where, as in the
Company's situation, the shares have traded at a persistent and
material discount to net asset value per share.
Continuation Votes can be structured in different ways. In the
Company's case, there is a requirement for the Board to convene a
General Meeting between the tenth and the eleventh anniversary of
Admission, meaning that the meeting must take place no later than
13 August 2023. The Articles provide that (i) the Board must table
a proposal for shareholders to vote on a resolution for a voluntary
wind-up (the 'Wind-up Resolution') and subsequent liquidation of
the Company; and (ii) any single shareholder who votes for the
Wind-up Resolution is deemed to hold sufficient voting rights so as
to ensure that the resolution is passed. This means that the
Wind-up Resolution can be passed with the vote of one shareholder
irrespective of the number of shares it holds in the Company. The
effect is that, in the absence of any alternative proposal approved
by shareholders, it is highly likely that the Wind-up Resolution
will be passed If the Wind-up Resolution is not passed, then the
process is to be repeated every five years, meaning the next date
on which a Wind-up Resolution can be proposed via the Continuation
Vote process would be on the fifteenth anniversary of Admission
(and every fifth anniversary thereafter).
The Articles allow for the Board to be released from its
obligations to propose a Wind-up Resolution if a special resolution
of the shareholders is passed prior to the eleventh anniversary of
Admission. The Articles do not specify the terms of such a special
resolution, and therefore the Board and its advisors have been
giving consideration to proposals to be put to shareholders to
facilitate the passing of a special resolution to release the Board
from the requirement to propose the Wind-up Resolution by 13 August
2023. We will therefore consult with our larger shareholders on
possible options in January 2023. The key points to be discussed in
the consultation are set out below:
Market context and shareholder feedback to date
As outlined, the Company faces continuing headwinds relating to
building safety and leasehold reform that are largely outside of
our control, which have led to falling capital values and weak
sentiment in the ground rent market sector more broadly. Whilst the
Company has a clear strategy for managing the risks associated with
these headwinds, until market conditions and liquidity improve, we
believe that the portfolio may not be realisable on acceptable
terms. Consequently, whilst progress is being made to improve
liquidity of the underlying assets to satisfy more demanding buyer
due diligence requirements, there is no certainty that the
portfolio could be made 'ready for sale' to achieve optimum pricing
over the short to medium term.
The Board and Manager also recognise that, based on recent
shareholder feedback and the prevailing share price discount, a
liquidity event more reflective of true net asset value would be
attractive to shareholders. As part of assessing the options
available, we are assuming that any extension to the term of the
Company granted by the release of the need to propose a Wind-up
Resolution by 23 August 2023 will be used to improve liquidity and
crystallise the optimum return for all shareholders.
Consequences of the Wind-up Resolution
In the absence of an alternative, special resolution, a single
shareholder voting in favour of the Wind-up Resolution will lead to
the immediate winding up of the Company. If a Wind-up Resolution is
passed, the Company would cease activities and all management
powers would pass from the Board to an appointed Liquidator with
immediate effect, which would constitute an event of default under
the Company's loan facility with Santander. Given general market
uncertainty, and based on the views from the Company's advisors,
the impact would likely be a forced sale of the underlying
portfolio (in whole or in parts) at depressed prices.
Alternative proposals to the Wind-up Resolution
Given the risks associated with the Wind-up Resolution, the
Board and Manager intend to consult with shareholders on
alternative options, summarised as:
(1) Postponing the Company's obligation to hold a vote on the
Wind-up Resolution by the current deadline of 13 August 2023 to 31
December 2025 ('Option 1'); or
(2) Removing the Company's obligation to hold a vote on the
Wind-up Resolution and replacing it with an alternative proposal
and vote before 31 December 2025 to decide whether the life of the
Company should continue (a 'Continuation Vote') which requires
either (i) a simple majority of votes cast to pass; or (ii) a
majority of not less than 75% of votes cast to pass. If this
Continuation Vote is not passed, then the Board would be required
to present alternative proposals to shareholders within an
expedited timeframe ('Option 2').
The points we would like shareholders to consider in relation to
these options are:
Option 1
-- The principle of one shareholder being able to trigger a liquidation remains; and
-- The deadline for the vote on the Wind-up Resolution being
extended to 31 December 2025. Given the Company's loan maturity in
January 2025, and the work and cost associated with a possible
short-term refinancing, the Board considers this date to be the
most appropriate in the circumstance.
Option 2
-- Removing the need for the vote on the Wind-up Resolution in
its entirety and providing the Board instead with an obligation to
hold a Continuation Vote by 31 December 2024. Such a vote would act
as a milestone for the Board to provide shareholders with an update
on progress in implementing the strategy determined following the
consultation; and
-- Question whether the vote be passed by a simple majority of
not less than 50%, or a majority of not less than 75% (in both
cases as a percentage of votes cast)
Given the impact of these options on the strategy of the
Company, the Board also wishes to consult on amendments to the
investment objective and policy, which is currently:
"The Company has been established to provide secure long-term
performance through investment in long dated UK ground rents, which
have historically had little correlation to traditional property
asset classes and have seen their value remain consistent
regardless of the underlying state of the economy.
The Company will give investors the opportunity to invest,
through the Company, in a portfolio of ground rents. The Company
will seek to acquire a portfolio of assets with the potential for
income generation from the collection of ground rents. These
investments also have the potential for capital growth, linked to
contractual increases in ground rents over the long-term.
The Company will seek to generate consistent income returns for
shareholders by investing in a diversified portfolio of ground
rents including freeholds and head leases of residential, retail
and commercial properties located in the United Kingdom.
The Group intends that no single ground rent property should
represent more than 25% of the gross asset value of the Group at
the time of investment. The Company has the ability to gear up to
25% loan to gross asset value."
Should shareholders wish to proceed with one of the options
alternative to the Wind-up Resolution, the Board, with the full
support of the Manager, proposes amendments to the investment
policy to enable a realisation of assets in a controlled, orderly
and timely manner, with the objective of achieving a balance
between periodically returning cash to shareholders and optimising
the realisation value of the Company's investments. The detail of
this arrangement would be discussed as part of the
consultation.
In addition to the legal and procedural points, there are
additional, more commercial considerations on which we wish to
consult with shareholders:
Current debt and potential refinancing
The Company's external loan with Santander matures in January
2025. Alongside the measures described, we will consult on
proposals to extend this facility for a short period of time.
Board and external advisor fees
Since Schroders' appointment as Alternative Investment Fund
Manager in mid 2019, the sustained headwinds facing the Company
have led to the management team, and the Board, especially the
Chair, to commit significantly more time and resource than could
have been reasonably envisaged managing legacy issues. Resolving
the complex legacy litigation at Beetham Tower in Manchester was
very painful for our shareholders, but failure to deliver the
outcome could have led to a significantly worse outcome for
shareholders, leaseholders and other stakeholders. Despite the
significant additional time and effort from both Schroders and the
Board in bringing resolution to the Beetham Tower dispute, both
Board and Manager felt the overall impact of the transaction on our
shareholders meant it was inappropriate to charge additional fees
for this work, despite being able to do so.
Looking forward, and as noted, the Board and management team
continue to grapple with a range of legacy issues, as well as major
new workstreams relating to building safety. This is critical work
to support the strategy and improve portfolio liquidity. Whilst
Schroders Alternative Investment Fund Management Agreement includes
the ability to charge extra fees for out-of-scope work, the sheer
range of projects means it is an inefficient mechanism. We would
therefore like to consult with shareholders on the Manager's
current fee arrangement with a view to simplifying its terms and
aligning the Manager's interests with the interests of the
Company's shareholders.
The Board is also reviewing fees of the Company's corporate
broker and legal advisors for work associated with the matters set
out.
Finally, given the increased workload and complexity of issues
to be managed by the Board, particularly the Chair, and the
potential for further work surrounding the Continuation Vote, we
wish to consult shareholders on an increase in the Directors
aggregate fee cap from the current level of GBP150,000 per annum.
This also follows an increase in the size of the Board from three
to four members in 2021, extending the range of experience and
expertise of the Board, and creating a gender diversity ratio of
2:2.
Dividend policy
Although the Company benefits from growing underlying rental
income, the headwinds relating to building safety and legacy issues
across the portfolio are increasing frictional costs, and therefore
diluting earnings. This scenario combined with the potential costs
associated with the matters described and a rising interest rate
environment, means the long term sustainability of the dividend may
be impacted. This possible outcome is the final point for
discussion with shareholders as part of the consultation.
Timing
Following release of this update, Singer Capital Markets ('SCM')
will be contacting larger shareholders requesting initial
consultation meetings to be held in January 2023, to be attended by
SCM, by key members of the Schroders team and the Chair. Following
this initial consultation, it is likely that the Board will refine
the proposals and further consult prior to implementation.
Assuming this consultation process is concluded by the end of
February 2023, and in the hope that a consensus can be found, the
Company would aim to issue a shareholder circular before the end of
March 2023, with a General Meeting taking place in May 2023, all in
sufficient time before the deadline for presenting the winding-up
resolution in August. Preparation of the Company's audited accounts
to 30 September 2022 will run in parallel with this process.
This announcement has been determined to contain inside
information. The publication of this announcement means that this
inside information is now considered to be in the public
domain.
Appendix
Table 1 - Savills Unaudited Portfolio Valuation Adjustments
30-Sep-22 31-Mar-22* 30-Sep-21
SAVILLS PORTFOLIO VALUATION: (unaudited) (unaudited) (audited)
Value (GBPm): GBP 109.0 GBP 110.0 GBP 119.4
-------------- -------------- ------------
HY GBPm / Valuation change (%) -GBP 0.95 -0.9% n/a
-------------- -------------- ------------
FY GBPm / Valuation change (%) -GBP 10.4 n/a -8.7%
-------------- -------------- ------------
NAV (GBPm) GBP 88.5 GBP 89.5 GBP 99.7
-------------- -------------- ------------
Pence per Share ('pps') 92.5 93.6 103.1
-------------- -------------- ------------
SAVILLS VALUATION ADJUSTMENTS:
-------------- -------------- ------------
Building Safety Act adjustment
(GBPm) GBP 11.4 GBP 13.9 GBP 1.1
-------------- -------------- ------------
Leasehold Reform adjustment
(GBPm) GBP 3.8 GBP 4.6 GBP 6.1
-------------- -------------- ------------
Total adjustment (GBPm): GBP 15.3 GBP 18.6 GBP 7.2
-------------- -------------- ------------
MATERIAL VALUATION UNCERTAINTY
CLAUSE:
-------------- -------------- ------------
No. of Assets 30 63* 17
-------------- -------------- ------------
Savills portfolio valuation
where Building Safety Act remediation
may be required (%) 21% 31%* 11%
-------------- -------------- ------------
* As at 31 March 2022 Savills adopted a valuation adjustment for
the Building Safety Act, together with the MUC, for all mid-rise
assets within the portfolio, irrespective of whether the need for
building safety remediation had been identified.
Table 2 - Building Safety Act
% of Portfolio
Number of Assets Value (30-Sept-22)
----------------- --------------------
Number of Assets Requiring Remediation:
Managed Estate 8 8.9%
Non-Managed Estate 22 12.0%
----------------- --------------------
Total 30 20.8%
------------------------------------------- ----------------- --------------------
Number of Assets Requiring Remediation,
as of Dec-2022: 28 17.0%
------------------------------------------- ----------------- --------------------
Remedial Work Commenced:
Managed Estate 1 0.5%
Non-Managed Estate 6 6.2%
----------------- --------------------
Total 7 6.6%
In addition, Government funding
applications ongoing:
Managed Estate 3 1.0%
Non-Managed Estate 5 2.7%
----------------- --------------------
Total 8 3.7%
-------------------------------------------
In addition, pursuing responsible parties and/or awaiting mid-rise
Government funding:
Managed Estate 4 7.4%
Non-Managed Estate 11 3.1%
----------------- --------------------
Total 15 10.5%
------------------------------------------- ----------------- --------------------
Grand Total 30 20.8%
------------------------------------------- ----------------- --------------------
Post period end, net remediation
not needed or works completed (including
1 additional property since identified)
Managed Estate -2 -3.0%
Non-Managed Estate* 0* -0.8%
Total -2 -3.8%
------------------------------------------- ----------------- --------------------
Grand Total (pro-forma, post 30-Sept-22) 28 17.0%
------------------------------------------- ----------------- --------------------
Building Safety Act remediation
works completed prior to 30-Sept-21: 4 5%
------------------------------------------- ----------------- --------------------
* Net zero number of properties because one property where
remediation since completed; and one additional property
identified
Table 3 - Project Pacific
Number of dwellings % of dwellings % of Portfolio
Value (30 September
2022)
Accepted offer 446 2% 2%
-------------------- --------------- ---------------------
Qualifying Leases 2,950 15% 11%
-------------------- --------------- ---------------------
Total Portfolio
Leases 19,349 100% 100%
-------------------- --------------- ---------------------
-END-
For more information:
Enquiries:
Schroder Real Estate Investment Management Limited
Nick Montgomery / Matthew Riley / Chris Leek
020 7658 6000
Singer Capital Markets (Broker)
James Maxwell / Kailey Aliyar (Investment Banking)
Sam Greatrex (Sales)
020 7496 3000
Appleby Securities (Channel Islands) Limited (Sponsor)
Andrew Weaver / Michael Davies
01534 888 777
FTI Consulting
Dido Laurimore / Richard Gotla/ Oliver Parsons
0203 727 1000
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