European Property Tour
September 2013 Contents
Page
• The journey to date 03
• Income focused property investment 04
• Relative positioning in UK & SA markets 05 – 11
• Addressing market perceptions 12
• Corporate and portfolio objectives 13 – 15
• Property portfolio 16 – 37
• Financial highlights 38 – 41
• Looking forward 42
DocumentRedefine International name andP.L.C. description here 22
The journey to date
Corovest International Redefine Properties Real Estate Fund Ciref plc makes initial Initial investment into International Ltd is listed £127.5m capital raising 440 founded as an open investment into Cromwell Property on JSE & becomes to strengthen balance ended property Wichford P.L.C. Group, Australia Redefine International’s sheet 420 investment fund largest shareholder 400
380
360
2002 2008 December 2009 September 2010 October 2012 340
320
300
280
260
240 Ciref plc is listed on AIM Redefine Properties with Redefine Properties Ciref plc 220 increases shareholding acquiring an initial 18% is rebranded as in Ciref plc to over 50%
shareholding Redefine International 200 Market Cap £m Cap Market 180
May 2006 December 2009 July 2010 August 2011 September 2013160 140
120
100 Redefine International completes reverse take- 80 over of Wichford P.L.C. & is admitted to Premium 60 Segment of Official List 40 RDI Market Cap 20
DocumentRedefine International name andP.L.C. description here 33 Income focused property investment
• Portfolio and strategy focused on income within tightly defined business segments
• Each business segment supported by specialist and proven asset management teams
• Diversification provides exposure to different sources of income
• Ability to allocate capital to performing business segments
• Policy to distribute at least 90% of distributable earnings (UK REIT compliant)
• Targeted distribution growth of CPI +1% to 2% p.a. through sustainable expansion
• Development exposure to be limited but creating value through asset management is a core strategy
DocumentRedefine International name andP.L.C. description here 44 Relative positioning (UK market)
High yielding
Helical Bar plc
CLS
Development Stabilised
Primary
DocumentRedefine International name andP.L.C. description here 55 Relative positioning (SA market)
High yielding
Development Stabilised
Primary
DocumentRedefine International name andP.L.C. description here 66 SA & UK REIT Analysis
SA Market Caps (Rm) UK Market Caps (£m) Intu Land Securities Growthpoint British Land Capital & Counties Hammerson Intu Redefine Properties Capital & Counties Hyprop Derwent London Capital SEGRO Resilient Great Portland NEPI Shaftesbury Fountainhead Songbird Fortress Grainger Acucap St. Modwen Vukile Workspace Redefine International Unite Emira Hansteen Big Yellow Sycom CLS Hospitality Redefine International Arrowhead Quintain Investec Primary Health Rockcastle Helical Bar Rebosis Max Ascension Safestore Delta Mucklow Premium LXB Retail Dipula Development Securities MedicX Octodec Assura Vunani LMS Vividend Conygar Mas Sirius Synergy Condor Annuity Alpha Pyrenees - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 - 100 200 300 400 500 600 700 800
DocumentRedefine International name andP.L.C. description here 77 Relative share price performance
50.00 Redefine International FTSE All Share FTSE 250 FTSE 350 Real Estate
45.00 65.7%
40.00
36.7% 35.00
18.4% Share Share price (pence) 30.00 16.3%
25.00
20.00
Jul2013 Jul2013 Jul2013
Oct2012 Oct2012 Apr2013 Apr2013
Jan 2013 Jan 2013 Jan 2013 Jun 2013 Jun 2013
Mar2013 Mar2013
Feb2013 Feb2013
Nov2012 Nov2012 Dec2012 Dec2012
Aug2012 Aug2012 Aug2012 Sep2012 Sep2012 Aug2013 Aug2013
May 2013 May 2013 Source: Bloomberg
DocumentRedefine International name andP.L.C. description here 88 Forecast dividend yields (UK)
8%
7%
6%
5%
4%
3%
2%
1%
-
CLS
PHP
Unite
SEGRO
Quintain
Mucklow
Redefine Songbird
Safestore
Grainger2
Big Yellow
LXBRetail
HelicalBar
Workspace
Assura (n/r)
BritishLand St.Modwen
Shaftesbury
MedicX(n/r) Hammerson
IntuProperties Great Portland
Land Securities
AlphaPyrenees
DerwentLondon
Sirius RealEstate
Capital Regional & Capital Counties &
HansteenHoldings
ConygarInvestment
Max PropertyGroup
LondonMetricProperty DevelopmentSecurities
Source: Peel Hunt Forecasts (1 September 2013) Note: Intu dividend yield c4.9%
DocumentRedefine International name andP.L.C. description here 99 Premium / (discounts) to NAV (UK)
40%
20%
-
(20%)
(40%)
(60%)
(80%)
(100%)
CLS
PHP
Unite
SEGRO
Quintain
Redefine Songbird
Safestore
Grainger2
Big Yellow
HelicalBar
Workspace
Assura (n/r)
St.Modwen BritishLand
Shaftesbury
MedicX(n/r) Hammerson
Great Portland IntuProperties
Land Securities
AlphaPyrenees
DerwentLondon
Sirius RealEstate
Capital Counties & Capital Regional &
HansteenHoldings
Max PropertyGroup
LondonMetricProperty DevelopmentSecurities Source: Peel Hunt Forecasts (1 September 2013) Note: Intu discount to NAV c(20% )
DocumentRedefine International name andP.L.C. description here 1010 Forecast gearing (UK)
180%
160%
140%
120%
100%
80%
60%
40%
20%
-
CLS
PHP
Unite
SEGRO
Quintain
Songbird Redefine
Safestore
Grainger2
Big Yellow
HelicalBar
Workspace
BritishLand St.Modwen
Shaftesbury
Hammerson
IntuProperties Great Portland
Land Securities
DerwentLondon
Sirius RealEstate
Capital Regional & Capital Counties &
HansteenHoldings
Max PropertyGroup LondonMetricProperty
Source: Peel Hunt Forecasts (1 September 2013) DevelopmentSecurities Notes: (1) Gearing reflects net debt /equity (2) Intu gearing c98%
DocumentRedefine International name andP.L.C. description here 1111 Addressing market perceptions
• Redefine International to be dual listed on the JSE, dual company structure to be removed Structure too complex • Conversion to a UK REIT • Management to be internalised
• Focused on income returns Diversification • Ability to allocate capital to performing segments • Strong support from income focused investors
• Portfolio quality being improved Secondary property portfolio • Reduced cost of capital allowing investment into higher growth assets • Conversion of vacant offices to higher value uses and recycling capital
• Global financial crisis largely past Indifferent track record • Wichford debt successfully restructured • Portfolio rationalised and improved
• Leverage reduced High risk • Portfolio improved • Board and management strengthened
DocumentRedefine International name andP.L.C. description here 1212 Corporate objectives
• Complete inward listing • REIT conversion • Manco internalisation Short Term • Senior appointments • FTSE All share and FTSE 250 index inclusions (£580m entry level for FTSE 250) • EPRA index inclusion
• Further reduce cost of capital • Sustainable distribution growth of CPI +1% - +2% p.a. compound Medium Term • Share re-rating based on a sustainable dividend yield • Relevant player in UK listed market
• Alternative sources of flexible and cost efficient capital Long Term • Global player with Redefine Properties
DocumentRedefine International name andP.L.C. description here 1313 Portfolio objectives
• Further sales of non-core assets • Focus on fewer and higher quality assets with greater emphasis on the South East Stable Income • Reposition assets with higher value alternative uses • Move into higher growth sectors or locations
• Continued focus on income and occupancy protection • Capital expenditure projects at Birchwood and Harrow to enhance asset quality and UK Retail value • Rebranding of centres and development of additional sources of income • Opportunistic acquisition of good quality, high yielding centres
• Focus to remain on branded, limited service hotels in Greater London • Capital expenditure and refurbishment programme largely complete Hotels • Capitalise on management expertise • Exposure to be limited to 15% - 20% of total assets
DocumentRedefine International name andP.L.C. description here 1414 Portfolio objectives (cont.)
• Enhance income security through lease extensions and indexation Europe • Deliver asset management opportunities from CMC acquisition • Sale of smaller non-core assets
• Co-ordinate strategy with Redefine Properties Cromwell • Liquid currency if required for deal making • Positive diversification
• Recycle capital into income producing investments • Redevelop older but well located assets Development • Obtain planning permissions for higher value alternative uses opportunities • Work with tenants looking to expand • Ancillary income (advertising, commercialisation, managed parking)
DocumentRedefine International name andP.L.C. description here 1515 Europe
Stephen Oakenfull Europe
• VBG restructuring completed delivering 19% cash on cash The European portfolio continues to be a highly cash returns generative investment supported by strong covenants • CMC acquisition successfully completed on index-linked leases • Portfolio quality enhanced through recent acquisitions and the sale of smaller non-core assets
Gross rental income • Cashflow growth supported by inflation-linked leases The Netherlands £2.2m Switzerland 8.3% £1.7m Lease expiry profile 6.1% Gross rent (£m)
10.0 9.5
85.6% 2.3 Germany £23.1m 1.3 1.0 1.0 0.6 0.7 0.5 0.2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
DocumentRedefine International name andP.L.C. description here 1717 UK Stable Income
Stephen Oakenfull and Vedran Kosoric
The Observatory, Chatham UK Stable Income
• Occupancy increased to 96.8% despite challenging market The portfolio has and continues to be restructured to provide exposure to high quality covenants, index- • Evidence of increased occupier demand from small to medium linked leases and an increasing focus on Greater private sector occupiers London and the South East • Inflation remains above target supporting cashflow growth from index linked leases
Gross rental income • Opportunities to redevelop well located assets and recycle capital in progress
Other Lease expiry profile £4.2m Gross rent (£m) 29.5% 6.4
Government 52.4% £7.4m
7.5% Kwik Fit 2.4 £1.1m 10.6% 1.5 1.2 1.1 0.8 Petrol Filling 0.4 Stations 0.1 £1.5m 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
DocumentRedefine International name andP.L.C. description here 1919 Harrow residential conversion
• Planned conversion of vacant office site to residential led mixed use scheme • Site value enhanced through land assembly and successful planning application for 238 private residential units and approximately 30,000 sqft of commercial space • Partnered with Metropolitan Housing Trust to agree the provision of 49 affordable units
DocumentRedefine International name andP.L.C. description here 2020 St Anne House, Croydon
• Former Home Office government building and legacy Wichford asset originally built in 1960’s
• Asset management strategy to convert now obsolete offices into hotel and residential units
• Secured planning permission and agreed 20 year lease with hotel operator and £10m pre-sale of residential apartments
St Anne House
Westfield / Whitgift Centre
Note: All pictures are architect's impressions
DocumentRedefine International name andP.L.C. description here 2121 UK Retail
Mike Watters and Nick Gregory
Grand Arcade Shopping Centre, Wigan UK Retail
• Improvements in key operating metrics • Valuations stabilised +1.0% vs IPD Shopping Centres (-4.9%) • Net income +1.58% vs IPD (-1.9%) • Continued investment and asset management initiatives have been reflected in income and value • Footfall (-2.6%) vs Experian (-3.8%) stability • Sales +2.0% (BRC index +1.1%)
Gross rental income • Occupancy 95.9% up 0.7%
• 8 new leases signed +14,000 sqft net increase Harrow £4.2m • Key letting to Nandos at St Georges, Harrow
20.6% Wigan £7.4m 8.1 36.1% Lease expiry profile Crewe Gross rent (£m) £0.9m 4.5%
6.7% Seaham £1.4m 3.9 12.9% 2.5 19.3% 2.2 Birchwood £2.6m 1.2 Coventry 0.8 0.7 0.4 0.4 0.4 £3.9m
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
DocumentRedefine International name andP.L.C. description here 2323 UK Retail portfolio
• St George’s Shopping Centre, Harrow • Valued at £57.5 million (pre refurbishment/re-letting) • 212,000 sq ft • Vue Cinemas, Fitness First, H&M, Boots, T.K. Maxx, Prezzo, Pizza Express, Nandos • Leisure focused retail scheme
• Grand Arcade Shopping Centre, Wigan • Valued at £76.4 million • 470,000 sq ft • Debenhams, M&S, BHS, Monsoon, Next, T.K. Maxx • Dominant city centre modern scheme
• West Orchards Shopping Centre, Coventry • Valued at £37.0 million • 210,000 sq ft • Debenhams, M&S, Body Shop, WH Smith, KFC • Dominant city centre scheme
DocumentRedefine International name andP.L.C. description here 2424 UK Retail portfolio (cont)
• Birchwood Shopping Centre, Warrington • Valued at £29.2 million • 400,000 sq ft • ASDA, Aldi, Argos, Home Bargains, New Look, QVC • Retail park
• Byron Place Shopping Centre, Seaham • Valued at £17.1 million • 115,000 sq ft • ASDA, Argos, Farmfoods, Peacocks, Wilkinson • Retail park
• Delamere Place Shopping Centre, Crewe • Valued at £9.2 million • 180,000 sq ft • BHS, Arriva • Redevelopment
DocumentRedefine International name andP.L.C. description here 2525 Seaham
• Dominant value and convenience centre anchored by ASDA • Scheme five years old with opportunities for further investment • Retail demand has driven Redefine International to progress development extension • Currently in pre-application discussions with the supportive Durham Council
Options to extend within existing ownership
DocumentRedefine International name andP.L.C. description here 2626 The changing face of retail
• The retail environment is undergoing structural change but is definitely not dead • The internet has not destroyed retail, rather it has changed consumer behaviour
The perfect storm Understanding the impact of online retailing
• Years of carefree spending in the 1980s - 1990s and • The internet is fundamentally an analytical past time and careless spending in the 2000s pushed the retail shopping is an emotional and social experience investment and development market to unsustainable levels • The most successful retailers have embraced the “omni- channel” experience and use it to drive sales e.g. John Lewis • This was followed by the “perfect storm” with worldwide and Apple economic problems, volatile commodity prices, negative UK wage inflation, changing consumer habits, high • Pure-play (internet only) retailers are finding a world without consumer debt and retailer insolvencies (often driven by “bricks and mortar” limits sales, i.e. these retailers will start to poor corporate management rather than a vulnerable retail acquire physical space to grow their brands model)
• But retail from a consumer and investor perspective remains an attractive proposition if the strategy is correct
DocumentRedefine International name andP.L.C. description here 2727 Commercialisation
• Leveraging our experience to introduce high quality retail operations and complimentary uses • Unique modular kiosks to reduce capex risk in the event of tenant default • High quality commercialisation to drive additional income
Before After
DocumentRedefine International name andP.L.C. description here 2828 Focused capital expenditure
• Focused capital expenditure to encourage retailers to invest in their stores
• Combined with a tenant and marketing strategy to drive sales turnover
• Strategies targeted at improving retailer sales increasingly important in relation to rental growth
• Economic use of capex to deliver the look and feel of a new shopping centre
• New double height shop fronts
• New ceilings, lighting, pilasters and entrance to create a fresh look
• “Soft re-launch” in Autumn 2013 including a well researched new brand to ensure the correct “tone of voice”
DocumentRedefine International name andP.L.C. description here 2929 Hotels
Mike Watters
Holiday Inn Express, Southwark Hotels
• Portfolio strengthened with acquisition of Earls Court Holiday Focused strategy on limited service branded hotels in Inn Express London to capitalise on long-term growth in business • Marked increase in trading performance since June 2013 and leisure demand • New InterContinental Group open lobby concept completed at Holiday Inn Brentford Lock
Gross rental income • Ongoing opportunities to leverage the management platform
Reading Current acquisition opportunities limited due to pricing and £1.0m • limited availability 9.4% • Development of new product and extension of existing hotels
Greater 90.6% London £10.1m
Brentford Lock, Holiday Inn
DocumentRedefine International name andP.L.C. description here 3131 Hotel portfolio
• Holiday Inn Brentford Lock • Valued at £25 million • 61,064 sq ft rentable area @ £24.56 per sq ft • 134 bedrooms and 12,743 sq ft meeting room area
• Holiday Inn Express Earls Court • Valued at £27.0 million • 19,957 sq ft rentable area @ £105.22 per sq ft • 150 bedrooms and 226 sq ft meeting room area
• Holiday Inn Express Limehouse • Valued at £23.3 million • 23,476 sq ft rentable area @ £63.90 per sq ft • 150 bedrooms and 159.3 sq ft meeting room area
DocumentRedefine International name andP.L.C. description here 3232 Hotel portfolio (cont)
• Holiday Inn Express Southwark • Valued at £16.4 million • 38,373 sq ft rentable area @ £39.09 per sq ft • 88 bedrooms
• Holiday Inn Express Park Royal • Valued at £24.0 million • 61,860 sq ft rentable area @ £24.25 per sq ft • 108 bedrooms and 1,371 sq ft meeting room area
• Holiday Inn Express Royal Docks • Valued at £22.4 million • 49,094 sq ft rentable area @ £30.55 per sq ft • 136 bedrooms and 190 sq ft meeting room area
DocumentRedefine International name andP.L.C. description here 3333 Hotel portfolio (cont)
• Crowne Plaza, Reading • Valued at £11.9 million • 34 047 sq ft rentable area @ £44.06 per sq ft • 122 bedrooms and 386 sq ft meeting room area
DocumentRedefine International name andP.L.C. description here 3434 Cromwell
Mike Watters Cromwell
• Record operating profit for FY2014 of A$102.4m
Cromwell has delivered exceptional income and • FY2014 EPS guidance of 8.3 cents (+8.8%) capital growth and remains well positioned to outperform their A-REIT peer group • FY2014 DPS guidance of 7.5 cents (+3.4%)
• Gearing reduced to 46% LTV
Gross rental income • A$641m of acquisitions provide significant opportunities Other £0.6m • Recent ASX 200 inclusion
• Opportunity to expand funds management New South 3% Wales Queensland £3.8m £5.3m • Redefine Group to maintain a 25% - 30% shareholding 28% 20%
23%
ACT 25% £4.4m Victoria £4.7m
Notes: (1) Cromwell data reflects share of underlying Cromwell portfolio as at 28 February 2013
DocumentRedefine International name andP.L.C. description here 3636 Cromwell
• Identified as an undercapitalised company at the bottom of the cycle with a strong management team • Provided strategic support as a cornerstone shareholder and underwriter to raise growth capital • Remain a strategic shareholder (13.7%) together with parent company (12.4%)
Cromwell Cromwell (GBP) ASX 200 Closing • Share price (AUD) +40.5% since entry • Share price (GBP) +49.2% since entry 1.40
Initial acquisition Supported rights Supported 1.20 of 12.97% at issue at $0.71 capital raising at $0.70 $0.79
Share price of $1.04 as at 6 September 2013 1.00
0.80
0.60 Cromwell ShareCromwell AUDPrice Supported placement Supported Sale of 84.5m 0.40 and rights issue at entitlement offer securities between $0.72 – $0.75 at $0.68 $0.90 and $0.94
0.20
0.00
Jul 2010 Jul 2011 Jul 2012 Jul 2013 Jul
Apr 2010 Apr 2010 Oct 2011 Apr 2011 Oct 2012 Apr 2012 Oct 2013 Apr
Jan 2010 Jan 2010 Jun 2011 Jan 2011 Jun 2012 Jan 2012 Jun 2013 Jan 2013 Jun
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar
Feb 2010 Feb 2011 Feb 2012 Feb 2013 Feb
Dec 2009 Dec 2010 Aug 2010 Sep 2010 Nov 2010 Dec 2011 Aug 2011 Sep 2011 Nov 2011 Dec 2012 Aug 2012 Sep 2012 Nov 2012 Dec 2013 Aug
May 2010 May 2011 May 2012 May 2013 May
DocumentRedefine International name andP.L.C. description here 3737 Financials HY2013 results highlights
Operating HY2013 FY2012 Change Occupancy (by area) 95.9% 95.5% + 0.4 ppt Indexation 58.4% 52.0% + 6.4 ppt WAULT(1) (years) 8.5 8.6 (0.1)
Income HY2013 HY2012 Change Distributable earnings (£m) 14.4 12.9 + 11.6% Distributable EPS 1.50 2.23 (32.7%) Dividend per share 1.475 2.10 (29.8%)
Financial Position HY2013 FY2012 Change Adjusted NAV per share 40.29 36.41 +10.7% Group LTV 51.2% 81.7% (30.5) ppt
• Successful £127.5m capital raise and improved capital structure
• Improvements in key operating metrics
• Distributable EPS ahead of post capital raising consensus
• Distributable earnings delivered off a substantially stronger capital base
• Investment of capital raising proceeds yet to be fully reflected
Notes: (1) Excluding the Delta portfolio • EPS figures reflect 962,855,467 ordinary shares outstanding as at 28 February 2013 following the capital raise
DocumentRedefine International name andP.L.C. description here 3939 Debt position
• Group LTV reduced to 51.2% (43.6% excluding the Delta facility) • See through LTV including share of JVs reduced to 61.9% (56.0% excluding the Delta facility) • Debt maturity profile significantly enhanced to 8.2 years (excluding the Delta facility) • Weighted average interest rate reduced to 4.3% (5.0% excluding the Delta facility) • 99.9% of debt at fixed or capped rates Debt maturity profile (£m) 275.9
£81.1m remaining Delta facility to be sold down (non-recourse) 211.6 Discussions underway to extend or refinance £173.2m of debt maturing in FY2016
76.3
47.8 40.7 72.3 39.6 12.1
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023+
Note: The Delta facility remains non-recourse to the Group and is subject to an agreed sales process which will be utilised to repay debt
DocumentRedefine International name andP.L.C. description here 4040 Lease expiry profile
• Strong income visibility
• Indexation increased to 58.4% of portfolio rental income
• Exposure to regional offices and Government occupiers significantly reduced
Lease expiry profile 35.1 Gross income excl. Cromwell and Delta (£m)
UK Stable Income UK Retail Europe Hotels % of total 48.3%
17.5%
8.3%
6.2% 5.4%
4.1% 12.7 3.2% 2.4% 2.3% 2.3%
6.0 3.9 4.5 3.0 2.3 1.8 1.7 1.6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Note: Rental income reflects 100% of property assets including joint ventures
DocumentRedefine International name andP.L.C. description here 4141 Looking Forward
• Finalise proposed corporate restructuring including inward listing
• Progress conversion to a REIT and management internalisation
• Continue to improve the quality of the portfolio and long-term income security and growth potential
• Selective redevelopment and investment into existing assets to support income growth
• Opportunistic approach to new acquisition opportunities
• Continue to recycle capital across the portfolio into performing sectors
• Manage risks (increasing interest rates, asset price bubbles)
DocumentRedefine International name andP.L.C. description here 4242 Contacts
Mike Watters Redefine International P.L.C. Chief Executive Officer, RIPML Top Floor, 14 Athol Street t: +44 (0)20 7811 0100 Douglas e: [email protected] Isle of Man IM1 1JA t: +44(0)1624 689 589
www.redefineinternational.com Stephen Oakenfull Chief Operating Officer, RIPML t: +44 (0)20 7811 0100 Redefine International Property Management e: [email protected] Limited 2nd Floor, 30 Charles II Street London SW1Y 4AE t: +44 (0)20 7811 0100
DocumentRedefine International name andP.L.C. description here 4343 Additional information
DocumentRetail Presentation name – May and 2013 description here 4444 Business segments – portfolio metrics
Group Hotels Gross asset value £1,099.4m Gross asset value £150.2m Gross rent £91.4m Gross rent £11.1m ERV £87.2m ERV £11.1m Ave. rent per sq. ft 14.31 Ave. rent per sq. ft 38.6 Net intial yield (%) 7.3 Net intial yield (%) 7.0 Occupancy (by area) 97.0% Occupancy (by area) 100.0% Total area (sq. ft '000) 6,389 Total area (sq. ft '000) 288 No. of assets 150 No. of assets 7 WAULT 8.5 WAULT 10.3
UK Stable Income Europe Gross asset value £174.8m Gross asset value £372.6m Gross rent £14.1m Gross rent £27.0m ERV £13.0m ERV £23.5m Ave. rent per sq. ft 9.0 Ave. rent per sq. ft 12.9 Net intial yield (%) 7.5 Net intial yield (%) 6.6 Occupancy (by area) 96.4% Occupancy (by area) 98.6% Total area (sq. ft '000) 1,562 Total area (sq. ft '000) 2,092 No. of assets 74 No. of assets 37 WAULT 9.2 WAULT 7.1
UK Retail Cromwell Property Group Gross asset value £226.3m Gross asset value £175.4m Gross rent £20.5m Gross rent £18.7m ERV £20.9m ERV n/a Ave. rent per sq. ft 12.8 Ave. rent per sq. ft n/a Net intial yield (%) 7.5 Net intial yield (%) 8.4 Occupancy (by area) 95.9% Occupancy (by area) 94.9% Total area (sq. ft '000) 1,602 Total area (sq. ft '000) 846 No. of assets 6 No. of assets 26 WAULT 11.0 WAULT 6.0
Note: All figures are pro-forma reflecting the portfolio at 28 February 2013 and adjusting for subsequent acquisitions or disposals
DocumentRedefine International name andP.L.C. description here 4545