Vehicle servicing facility

How We Create Value

Eight pillars of Industrials REIT

Favourable market dynamics

Growth in eCommerce is accelerating, alongside other trends, creating growth in demand for MLI properties, while supply is constrained by lack of available land and expensive new-build costs. This imbalance is leading to strong rental growth

Outperforming asset class

The industrial sector has outperformed other property classes, such as retail and office, over the last 35 years. Industrial multi-let properties have outperformed other financial assets such as real-estate funds, bonds and equities over recent one to ten-year periods

Efficiencies from operating platform

Our cloud-based, mobile-friendly operating platform offers an enhanced customer experience, and puts relevant data in the hands of sales and customer-facing staff. Highly scalable with growth, we constantly update it with the latest innovations

Well positioned for capital and earnings growth

We can acquire existing fully-let MLI properties for less than replacement cost. We believe that they will generate strong and stable income as a significant proportion of total return, while the scalable management platform brings efficiency savings

Highly diversified customer base

As at 31 March 2021, over 1,100 unique customers, with an 80% retention rate, and the top 10 customers accounting for less than 12.5% of the rent roll

Healthy capital structure

A conservative LTV target of 40% or lower, with, as at 31 March 2021, 33% of LTV covenant headroom and average debt expiry of 3.9 years. The loan structure is ring fenced across three different lenders offering scope for efficiencies through consolidation and refinance as the portfolio grows

Proven management team

The directors are the largest shareholder group and offer strong record of identifying value in property. They have overseen a Total Accounting Return of 32.3% in four years of the MLI strategy and, in that time, disposed of £500m of assets at an average 9.5% premium to valuation

A sustainable approach to business

Potential for wide-reaching impact with potential influence over the property-related carbon footprint of many SME businesses, and new ESG initiatives across the business

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