Our policy is to invest is a diversified portfolio of urban warehouse assets in the UK.

We can acquire properties either directly or through corporate structures, or in joint ventures or other share ownership or co-investment arrangements. We look for investments where there is the potential to add value through active asset management.

We invest in and manage the portfolio with the aim of spreading risk. This requires us to observe the following restrictions:

Investment policy
We will only invest in warehouse assets in the UK.
No individual warehouse will represent more than 20% of our last published gross asset value (“GAV”), at the time we invest.
We will target a portfolio with no one tenant accounting for more than 10% of our gross contracted rents at the time of purchase. No more than 20% of our gross assets will be exposed to the creditworthiness of a single tenant at the time of purchase.
We will diversify the portfolio across the UK, with a focus on areas with strong underlying investment fundamentals.
We can invest no more than 10% of our gross assets in other listed closed-ended investment funds.
We will not speculatively develop properties, except for refurbishing or extending existing assets. Speculative developments are those which have not been at least partially leased, pre-leased or de-risked in a similar way.

We may invest directly, or through forward funding agreements or commitments, in developments (including pre-developed land), where:


  • the structure provides us with investment risk rather than development risk;
  • the development is at least partially pre-let, sold or de-risked in a similar way; and
  • we intend to hold the completed development as an investment asset.

Our exposure to these developments cannot exceed 15% of our gross assets at the time of purchase.

We view an LTV of between 30% and 40% as optimal over the longer term but can temporarily increase gearing up to a maximum of LTV of 50% at the time of an arrangement, to finance value enhancing opportunities.

In addition to the above, our investment policy supports our ability to manage our resources by investing currently unutilised cash in cash deposits and gilts and using interest rate hedges or other means of mitigating the risk of interest rate rises.

Investment objectives 

We aim to provide shareholders with an attractive level of income, together with the potential for income and capital growth. 

Our full investment objective and policy are set out on pages 136 and 137 of the Annual Report and Financial Statements 2020.