Property
Portfolio Analysis
Our investment approach is to concentrate on the fundamentals of each asset. A key criterion is a property's enduring attraction to occupiers, because of its business sustainability, location and efficiency.
Portfolio statistics - as at 30 September 2007
| Value £m |
Net rents1 £m |
ERV2 £m |
Occupancy rate3 % |
Lease length4 years |
|
|---|---|---|---|---|---|
| Retail | |||||
| Retail warehouses | 3,781 | 146 | 176 | 99.3 | 12.7 |
| Superstores | 2,203 | 100 | 105 | 100 | 19.9 |
| Shopping centres | 2,333 | 104 | 122 | 98.1 | 12.5 |
| Department stores | 909 | 42 | 48 | 100 | 29.3 |
| High street | 203 | 10 | 11 | 98.4 | 9.2 |
| All retail | 9,429 | 402 | 462 | 99.2 | 16.0 |
| Offices | |||||
| City | 3,729 | 152 | 202 | 99.2 | 10.4 |
| West End | 1,005 | 42 | 54 | 99.5 | 10.4 |
| Business parks & provincial | 49 | 2 | 2 | 97.5 | 16.6 |
| Development | 1,284 | n/a | n/a | n/a | n/a |
| All Offices | 6,067 | 196 | 258 | 99.1 | 10.5 |
| Other | 414 | 23 | 26 | 96.1 | 24.6 |
| Total | 15,910 | 621 | 746 | 99.1 | 14.4 |
1 annualised net rents which are cash based differs from net rental income due to accounting items, such as spreading lease incentives and contracted future rental uplifts
2 Estimated Rental Value (ERV) includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by external valuers) within 5 years, plus expiry of rent free periods
3 underlying occupancy rate including asset management initiatives and units under offer
4 weighted average lease length to first break
Download an Excel spreadsheet of the data > (26KB)