We are pleased to have met key milestone targets articulated in late 2017. Some notable achievements are that our multi-let industrial (MLI) portfolio now represents 58% of the total property portfolio, up from 42.7% a year earlier and we sold Bleichenhof, our portfolio’s largest property located in Hamburg, earlier this year.
Having also made further investment into our MLI operating platform, we still expect to be a 100% UK MLI business over the next two years and are confident we can achieve this.
Paul Arenson, CEO, has commented “The new financial year is likely to be challenging with COVID-19 and Brexit headwinds but we are well positioned to meet these challenges with exposure to resilient assets, a strong balance sheet and free cash of approximately £70 million.
While we acknowledge the need for caution, we are keen to start taking advantage of the conditions to acquire additional MLI estates at attractive risk-adjusted pricing. We have full belief in our strategy of becoming a 100% UK MLI operating company and anticipate that many of the trends which have fuelled the demand for this asset class from occupiers and investors over recent years will be accelerated by the current COVID-19 crisis”.
To find out more or watch the webinar, please head to our Latest Results page.