Valuation Decline Factors

The valuation decline was attributed to changes in income rather than market yield deterioration, with a 5 % like‑for‑like valuation decrease and a small acquisition in Leeds cited as contributing factors. For 2026, the dividend target remains 8 p per share, with CapEx spending expected to align with 2025 levels. The firm’s focus on EPC ratings and ESG positioning is highlighted, with over 60 % of the portfolio now rated A or B. Management believes rents for good‑quality Grade A space could move above £30 per square foot over the medium term.