Annual Report 2023

We have outperformed against the MSCI UK Quarterly Property Index again this year. Our track record includes ten consecutive years of outperformance and long-term upper quartile performance over three, five, ten years and since launch in 2005.

Our asset allocation, stock selection and proactive asset management have delivered outperformance and a consistently higher income return than the Index over the long-term. We are ranked fifth out of 141 portfolios over the last ten years.

Occupational demand remains resilient and over the year we have successfully increased income through proactive asset management and investing in sustainable refurbishment upgrades across our portfolio.

This year, we have made significant progress delivering rental growth and securing more valuable alternative uses at selected office assets.

We have remained focused on sustainability, with net zero carbon progress and we have reduced Scope 1 and 2 emissions by 24% compared to our 2019 baseline.