Refinancing Strategy

The company extended its syndicated facility to December 2028, replacing Barclays with Santander, and has hedged through December 2028 at a 3.56 % strike. Management is targeting an 8 p dividend for 2026 while preparing to refinance a December 2027 facility and may lower LTV beforehand. Asset sales, refinancing, and portfolio repositioning remain key strategic priorities, with the company reducing debt, executing disposals, and investing in refurbishments aimed at improving occupancy, rents, and EPC performance.