IN BRIEF UK COMMERCIAL PROPERTY UPDATE AND OUTLOOK - January 2022
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IN BRIEF
UK COMMERCIAL PROPERTY UPDATE AND OUTLOOK
January 2022
Read more.
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JANUARY UPDATE
All Property annual total return finished 2021
at an incredible 19.9%. And after a decidedly
rocky start to the year all three major sectors
managed to generate a positive return by
the end. Equally, annual commercial property
investment picked up from its Q1 2021 low
19.9% £52.4bn 4.5% 4.5% 1.5% 4.1%
All Property annual 2021 All Property 2022 GDP forecast 2022 CPI forecast 2022 10-Yr bond 2022 Unemployment
and finished the year at £52.4bn. This includes total return commercial yield forecast rate forecast
property investment
16.4bn for industrial, which was by far and
away the strongest year for the sector and
dwarfs the previous record £11.5bn in 2017.
Read more for the most recent occupier
and investment updates, economics data
and property forecasts.
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
An epic year of industrial investment
All Property annual total return finished 2021 at an incredible It is important to note that offices, while far from breaking any All Property annual total return and components
19.9%. And after a decidedly rocky start to the year all three major records in 2021 nevertheless achieved a total investment volume of Sources: MSCI
sectors managed to generate a positive return in 2021. Only high £18.8bn, which was the largest major sector. Central London capital %
25
street retail and shopping centres remain in negative territory and values held up over the pandemic and there has in fact been some
these are in the low single digits now after rallying significantly yield compression since the middle of 2021. The flight to quality 20
from deeply negative positions of over 20% at the start of the year. persists, with most investment activity focussed in the West End. 15
Equally, annual commercial property investment picked up from More recently in January Google purchased 41 Central St Giles 10
its Q1 2021 low and finished the year at £52.4bn. While this may for £762.5m with the intention to refurbish and consolidate their 5
be behind the £60bn+ years of 2017 and 2018 it is a respectable employees in this best-in-class space. These kinds of transactions are
0
total and contains some crucial sectoral detail within it. set to become more common over 2022 as occupiers tailor office
-5
space to incentivise daily occupancy and facilitate hybrid working.
Industrial investment transactions hit £16.4bn in 2021. This was -10
Dec 16
Mar 17
June 17
Sept 17
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Mar 18
June 18
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June 19
Sept 19
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Mar 20
June 20
Sept 20
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Mar 21
June 21
Sept 21
Dec 21
by far and away the strongest year for the sector and dwarfs the The Retail investment total for 2021 was £5.9bn – a shadow
previous record £11.5bn in 2017. Competition for all industrial and of its glory years of course but there are several positives to Income Return Market Rental Growth Equivalent Yield Impact Total Return
logistics assets has been fierce and the weight of capital targeting note. Firstly retail warehouses stand apart within the sector
the sector continues to drive down yields. Portfolios have been a and finished 2021 with an excellent 25% annual total return.
Rolling annual commercial property investment
key component of the trading volume, particularly towards the end Moreover, shopping centres are now seeing not only further Source: Gerald Eve, Property Data
of 2021. Most notable was Blackstone buying from Elite, Cabot and signs of stabilisation in pricing, but also a market where actual £bn
Valor in three separate deals. There has also more recently been deals can take place. These include Silverburn in Glasgow and 70
the £1.6bn Prologis buy out of CBRE IM from their UK Logistics Bluewater in Dartford going for £140m and £172m respectively 60
Venture, which is not included in this year-to-Q4 figure. The lowest in December. But in what will be one of the largest deals of 50
yielding subsector has been London multi-let industrial, which 2022, LaSalle Investment Management parted with £600m
40
was 3.55% for the all-grades average in December. And while all in January for Cheshire Oaks in Ellesmere Port and Swindon
30
geographies performed well, London was a particular focus for Designer Outlet, bought from Nuveen Real Estate.
investment, with a deep pool of competition and an annual return 20
by December for multi-let units of a quite astonishing 43.5%. 10
19.9% £52.4bn 0
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
All Property annual 2021 All Property commercial
total return property investment Industrial Office Retail Leisure & Alternatives
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UK PROPERT Y SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Segments
12-month return to December 2021
Source: MSCI
%
50
40
30
20
10
0
-10
-20
London UK distr All SE ROUK Retail All Supermarket All Lon/SE Midtown & Leisure All City ROUK SE ROUK ROUK Shopping SE London
multi-let w’house Industrial multi-let multi-let warehouse Property Retail office parks WE office Office office standard office office high street centres high street high street
industrial industrial office parks
Income return Rental growth Yield impact Total return
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UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
UK economy
4.5% 1.5%
The UK economy grew by 0.9% in the month to November to its Retail spending is volatile and dropped 3.6% in December compared
highest ever value, exceeding the previous peak back in October with November. This occurred as expected in tandem with the
2019. Ostensibly the covid arrears have been erased but drilling reduction of in-person shopping, notably on clothing and footwear. 2022 GDP forecast 2022 10-yr bond yield forecast
down into the sectoral detail shows that spending on health Oxford Economics still expects wealthier households this year to
(including covid testing and vaccinations) is up 12% compared with spend around 5% of excess savings accumulated over the pandemic
pre-pandemic February 2020. Meanwhile supply chain disruptions
and shortages mean that the manufacturing sector is still more
and support the ongoing economic recovery. We are relatively more
cautious, however, given the negative consumer sentiment and
4.5% 4.1%
2022 CPI forecast 2022 unemployment rate forecast
than 4% smaller than pre-pandemic. Moreover, the impact of the uncertainty surrounding the various cost of living rises that will
Omicron variant is likely to feature negatively in the data from now increasingly include higher mortgage repayments.
December. High frequency indicators suggest social spending took
a hit from the government’s Plan B along with generally more The monthly monitor
Source: Bank of England, European Commission, IMF, ONS Two-year trend Latest figure
cautious consumers that had to self-isolate in greater numbers.
GDP annual growth 8.1%
The disruption continued into the start of the year and Unemployment rate 4.1%
consequently Oxford Economics has reduced its 2022 GDP forecast
Consumer confidence -12.4
down to 4.5% from 4.9% last month. The other key factor on the
Retail sales growth 0.0%
minds of consumers, businesses and policy makers is of course the
rate of inflation, which increased again to 5.4% on the CPI measure Retail sales % online 27.7%
in December, the highest rate for decades. Supply squeezes and Manf output growth -0.1%
elevated global goods prices combined with continued rising petrol Brent crude (USD/bbl) 74.17
prices, the large rise in the energy price cap and the restoration of Gold (USD/oz) 1,820
the domestic hospitality VAT rate are set to push UK inflation to
FTSE100 7,384
over 6% in early 2022. Oxford Economics now forecasts average
inflation in 2022 of 4.5%, up from 3.8% last month. A further two CPI inflation 5.4%
base interest rate rises are expected this year to reach 0.75%. 10-year bond yield 1.0%
EUR/GBP 1.19
USD/GBP 1.35
Two-year trend Latest figure
Dec-19
May-20
Jun-20
Jul-20
Aug-20
Aug-21
Mar-20
Apr-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Jul-21
Sep-21
Oct-21
Jan-20
Feb-20
Mar-21
Nov-21
Dec-21
Apr-21
May-21
Jun-21
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UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Spotlight on...
The 2022 real estate debt market
Here we outline some of the key themes for each of the main property sectors. Generally, there is
downward pressure on loan-to-value ratios across most asset classes, with 60% considered fundable for
most. Lenders are likely to continue to focus strongly on the tenant or operator’s covenant and performance.
Meanwhile ESG will only increase in prominence so loans to improve a building’s rating or efficiency will be
well regarded. Green Loans may offer small margin reductions for hitting certain building efficiency levels.
To find out more about our Corporate Finance team click here
Industrial & logistics Offices Retail Build-to-rent Hotels and leisure Education
Continued appetite expected, Lenders will continue to support Lenders will have several There are several lenders willing This sector has had a challenging There has been a growth in
especially on developments. the office sector, but there distressed retail positions and as to consider this sector as it time over the pandemic but interest in the education and
The note of caution here is will be an ongoing flight to such their appetite in this sector becomes a more popular and there are signs of lenders coming early years sectors with a few
that yields have continued to quality buildings more popular may wane. The exceptions are traded asset class. Schemes with back for both development and notable larger transactions.
compress while debt costs have with occupiers. Speculative typically food-led or DIY units micro units will continue to be investment. There will be a flight Previously a preserve of
been slowly rising on both the development in the sector will let on longer leases to good a challenge following changes to quality and a real focus on the clearing banks, several
margin and the Base/Libor/ be challenging and lenders covenants. Covenant strength in planning rules but forward the operator (or tenant) with a challenger banks have now
Sonia rates. Consequently debt will continue to struggle with will be key for lenders and where funding will remain active. preference to city centre and entered the market and are
costs and yield are close to one shorter income assets. Margins margins will remain stable. Development margins will remain family/leisure hotels and a good competing for market share.
another and gearing doesn’t give will be stable for long let, higher Margins will increase significantly higher but well-occupied sites in trading history. Hotels with poor Margins are likely to be stable
the leveraged returns property value assets. But they will be for more challenging locations or strong locations should be lower. trading (especially if its non- for established newer properties
investors have been used to. higher for more challenging lower quality stock. branded) will be a challenge. in desirable locations with
locations or lower quality stock. a good trading history.
geraldeve.com/services/research
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Outlook
All Property total return is estimated to have exceeded 19% in 2021 Total return and components by sector
and is forecast to slip back to around 10% in 2022. Nevertheless, Source: Gerald Eve, MSCI
industrial is set to continue its dominance. Underperforming retail
Retail Industrial
subsectors should switch from negative to positive return in 2022
% %
and the sector overall is likely to continue to outperform UK offices. 20 40
11.0% 8.4% 8.8% 33.5% 14.4% 4.8%
15 35
The record-breaking return for industrial in 2021 will not be repeated 10
30
in 2022 but the sector is expected to continue to dominate with 5
25
a return in excess of 14%. The overwhelming occupier demand set 0
20
against insufficient supply will continue to drive rental growth in -5
15
-10
2022. Equally there should be some carry-over of positive yield impact 10
-15
but at a much more moderate rate given the current keenness of -20 5
investment pricing set against the rising interest rate environment. -25 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023
Office rents have stabilised in Q4 after slipping back earlier in
2021 with the influx of tenant-controlled space. The polarisation Office All Property
of the best-in-class assets is set to intensify, and prime yields have %
20
%
25
consequently tightened in London. Landlords and developers 19.1% 10.4% 6.3%
20
are reportedly marketing buildings which will deliver in the next 15
6-12 months above current market rents as they know competition 10
4.7% 7.2% 6.1% 15
for new space will be high. 5
10
5
Retail outperformed offices in 2021, driven by retail warehouses. 0
0
This was the first non-negative return since 2017. In 2022 retail -5 -5
warehouse return should ease but overall retail return is set to
-10 -10
outperform offices again as high street and shopping centre 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023
pricing stabilise and contribute positively.
Income return Rental growth Yield impact Total return
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UK PROPERT Y SEGMENTS UK ECONOMY SPOTLIG HT OUTLOOK CO NTAC T
Contact
Research Further Insight
STEVE SHARMAN BEN CLARKE OLIVER AL-REHANI
Partner Partner Senior Research Analyst
ssharman@geraldeve.com bclarke@geraldeve.com oal-rehani@geraldeve.com
Tel. +44 (0)20 7333 6271 Tel. +44 (0)20 7333 6288 Tel. +44 (0)20 7518 7255
Capital Markets Agency Valuation
JOHN RODGERS MARK TROWELL RICHARD MOIR Prime Logistics Multi-Let Industrial Logistics Business Rates Review
Partner Partner Partner Q4 2021 Q3 2021 January 2022 November 2021
jrodgers@geraldeve.com mtrowell@geraldeve.com rmoir@geraldeve.com
Tel. +44 (0)20 3486 3467 Tel. +44 (0)20 7333 6323 Tel. +44 (0)20 7333 6281
PRIME LOGISTICS
The definitive guide to the
UK’s distribution property market
Q3 2021 Bulletin
Our advice and recommendations are underpinned by the in-depth
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analysis of our award-winning research team. With a particular focus geraldeve.com
Manchester BTR Euro Logistics London Markets
on investment, London offices and industrial, our researchers work Prime Logistics
Q3 2021 2021 Summer 2021 Q3 2021
closely with the agency teams to produce market-leading reports INDUSTRIAL SECTOR (SLI, MLI & POR TFOLIO)
Q3 2021EAST
SOUTH
SOUTH Market
EAST
Q3 Market
Overview
OFFICE
OFFICE
Market Overview
Overview
INVESTMENT
INVESTMENT
recognised for their detail and practical insight.
Q3
£10.7bn 282 £39M 4.42% £175 8.4 yrs 9.8 yrs
Total Investment (YTD 2021) No. Deals Average Deal Size Avg. Yield (NIY) Avg. Cap Val £psf Avg. AWULT to Breaks Avg. AWULT to Expiries
BRIEFING NOTE
June 2021
£788.3M
£788.3M
£832.0M 39
39
£1.4bn £20M 6.53%
£20M £330M
6.53% £28725
£287 5.3 £14M
5.3 Years
Years 7.1 4.34%
7.1 Years
Years
Total Investment (Q3) No. Deals Average Deal Size Avg. Yield (NIY) Avg. Cap Val £psf Avg. AWULT to Breaks Avg. AWULT to Expiries
Total Investment (Q3)
GE Involvement AvNo. Deals Average Deal Size
er Avg. Yield er
(NIY) Avg. Cap Val £psf Avg. AWULT to Breaks
Avg. Deal Price U/O Avg. AWULT to Expiries
Avg. Yield (NIY) U/O
28 114 £1.0bn
£1.1bn 89
28 £13M
£39.4M 5.50%
6.54%
SUSTAINABLE RETROFIT IN THE No. Deals GE Inv. No. of Available & U/O Assets £1.1bn Availableer No.No.
Available
28
Assets
£39.4M
Avg. Deal
Deal Price
Price (U/O)
Avail.
6.54%
Avg.Avg. Yield (NIY)
U/OAvail.
£1.8bn 77
U/O Assets Avg. Yield (NIY)
INDUSTRIAL SECTOR £1.9bn 86
er No. U/O Assets Avg. Deal Price (U/O) Avg. Yield (NIY) U/O
Av er No. of Available & U/O
Av er
Assets
Annual Transac on Volume and Yield (NIY) by Sub-Sector
Assets
No. of Available & U/O
£839.7M
£839.7M 58
58
2020/2021 Quarterly Industrial Investment £14.5M
£14.5M 7.03%
7.03%
£12bn Available 7% No. Available Assets Avg. Deal Price Avail. Avg. Yield (NIY) Avail.
Available No. Available Assets Avg. Deal Price Avail. Avg. Yield (NIY) Avail.
£4.5bn
6.3% £4bn
6.1%
6.0%
Cordelia Batt £10bn
6% £3.3bn
£3.2bn
5.5%
Senior Surveyor
SUBSCRIBE
5.1% £3.3bn £3bn
Tel. +44 (0)20 3486 3613 South East o ce Annual Transac on Volumes & Yield Quarterly Transac on Volume Comparisons £3.1bn
South East o ce Annual Transac on Volumes & Yield 5% Quarterly Transac on Volume Comparisons
cbatt@geraldeve.com £4bn
£8bn 4.9%
£2.0bn
£4bn £3.8bn £2.0bn
£2bn
£3.9bn £3.8bn 10%
£3.9bn £3.8bn 4.4% 10%
£3.8bn 4% £1.3bn
£1.53bn
£1.0bn £1.53bn
£3.2bn £1.5bn
£3.2bn
NIY
£6bn £3.2bn £1.5bn
£1bn
£3.2bn £1.28bn
£1.28bn
£3bn £1.9bn £2.9bn 8% £1.10bn
£2.9bn 3%
8% £1.07bn
£3bn £2.9bn £2.9bn £0.6bn £1.10bn
£6.1bn £1.07bn
£2.6bn £1.0bn £0.91bn
7.40% £0bn
£1.0bn £0.91bn
£4bn 7.32% £2.6bn 2020 Qtr 1 2020 Qtr 2 2020 Qtr 3 2020 Qtr 4 £0.81bn
2021 Qtr 1 £0.79bn
2021 Qtr 2 2021 Qtr 3
7.40% £1.3bn £0.81bn
7.32% 6.89% £0.79bn
6.82% £0.8bn 2% £0.60bn
6.82% 6.59% 6.64% 6.57% 6.89% £0.56bn
HERE
£1.8bn 6.36% 6.64% £3.0bn 6.57% 6% £0.60bn
6.59% 6% £0.46bn £0.56bn
£1.2bn 6.36%£1.2bn £0.5bn £0.44bn
£0.5bn £0.44bn £0.46bn
James Yarham
£2bn
£2bn
£2.1bn £2.0bn 2021 is already a record-breaking year for Under
£0.27bn
£0.27bn
1%
Senior Surveyor
£1.3bn
£1.4bn
£0.9bn
transac on volumes, before we even enterUnder Q4.
Offer
Challenge 4%
Offer
Tel. +44 (0)20 3486 3718 £0.9bn
£1.3bn £1.2bn £1.2bn £1.4bn £1.6bn 4%
£0.0bn
£0.0bn This has been driven by far higher than average
£0.7bn 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
jyarham@geraldeve.com Climate change is one of the biggest challenges facing humanity. £0bn 0% 20191
Qtr 20192
Qtr numbers
Qtr 20194 of
20193 Qtr Qtr 20202 cs
20201logis
Qtr and
2020
Qtr por
2020
3 Qtr olio
2021
4 Qtr deals.
2021
1 Qtr 20213 Qtr
2 Qtr 20214
2015 2016 2017 2018 2019 2020 2021 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4
£1bn
With the built environment accounting for around 40% of the world’s £1bn
Mul -Let Por olio Single-Let Under O er NIY
2%
carbon footprint, the real estate industry has a key role to play in 2%
Total investment volume for Q3 was £788.3m across 39 deals
the reduction of emissions. This is something that the industrial Total investment volume for Q3 was £788.3m across 39 deals
re ec ng a decrease of -2.93% on Q2 2021 (excluding Atom
YTD 2021 - SLI, MLI & Por olio Investment YTDec
re 2021ng a decrease of -2.93% on Q2 2021 (excluding
& Yield Atom
sector is devoting significant energy and resource into doing. Por olio) Regional Analysis
and an increase -of
Transac on Volume
133% on Q3 2020.
£0bn
£0bn 2014 2015 2016 2017 2018 2019 2020 2021
0%
0% Por olio) and an increase of 133% on Q3 2020.
£6bn 10%
2014 2015 2016 2017 2018 2019 2020 2021 £5,790M
t: P olio:
In the last decade sustainability has moved to the forefront of the industrial Volume: £1.6bn Volume: £5.8bn 8.3%
agenda, with occupiers demanding sustainable space, investors targeting Market Share: 14.7% Market Share: 54.6% £5bn
NIY: 4.8% 8%
sustainable assets and developers building high specification units that align NIY: 4.0%
Q3
No ofInvestment
Deals: 93 Volume - Town Centre VS Business Park No of Deals: 34 Q3 Tr olume Range - No of Deals & Yield
with the strictest environmental standards. Q3 Investment Volume - Town Centre VS Business Park Q3 Tr
£4bn
olume Range - No of Deals & Yield
10%
5.9% 10%
15 6%
15
However, the opportunity to occupy, purchase or build new industrial buildings 15
15 4.7%
5.1% 5.1%
4.7%
4.6% 5.7%
NIY
£3bn
is clearly limited, therefore there is increasing focus on existing stock. Bearing in £226M (29.23%) 8.30%
4.0%8.30%
£226M (29.23%)
mind 87% of buildings that will be in existence in 2050 have already been built, 4.5% 4%
8%
3.0% 8%
improving their sustainability is key if the UK is to meet its net zero commitment £2bn 4.0%
by then. Further still, with stricter MEES regulations due to come into force in Single-Let: £1,191M 6.67%
6.67%
£963M 2%
April 2023 building owners must act now or be faced with unlettable assets. Volume: £3.3bn £1bn
10
6.80% £826M £724M10
10
6.80%
Market Share: 30.7% 10
£346M £300M
6%
5.42%
£284M 6%
NIY: 4.2% 5.42% £118M £100M £64M £26M
No of Deals: 152 £547M (70.77%) £0bn 0%
£547M (70.77%) oli
os on Ea
st nd
s
nd
s st st er nd les nd Ea
st
nd dla dla We We mb gla Wa tla
P Lo uth Mi Mi rth uth Hu En Sco rth
So st st No So the of No
Ea st
We 6 e& Ea 4%
6 hir 4.15% 4%
rks
Yo 4.15%
Por olio Park
Business Single-Let Mul -Let
Town Centre
Business Park Town Centre 5
5 4
4
Of the £788.3m transacted in Q3,At aa£1.7bn,
staggeringAsda's leaseback
£397m (50%) por
was in the olio sale
life sciences hasThe
sector. Yields in Greater London con nue to ghten, driven by a 2%
2%
Of thenotable
£788.3mtr transacted as
in Q3, staggering £397m (50%) Colleg
was in the life sciences sector. The
most
most notable
Oxford
hadPark.
as Oxford
tr for Oxford Science
University’s
aUniversity’s
signi Magdalen
cant impact, but even without tt weigh ng of large, super-prime assets such as22 Mowlem 2 Trading
2
venture partner Other tr Magdalen Colleg stone’s purchase of
venture partner
Cambridge this,Park.
for Oxfordechnology
Interna Science porOther
Park forolio
tr volumes would bestone’s
approximat above the
purchase of of
s purchase
Estate, DHL in En eld and Asda in Belvedere. With further prime
Cambridge Interna
Peterhouse Technology Parkechnology Park for
ve yearwhich
for £75.18m, approximat
average.
which transacted at more than 80bps sharpers purchase
than theof stock
0
hi ng the market, we think there is s ll some scope for 0%
Peterhouse Technology Park for £75.18m, transacted at more than 80bps sharper than the
further
0
yield
Sub £5m compression.
Sub £5m £5m-£10m
£5m-£10m
£10m-£20m
£10m-£20m
£20m-£50m £50m-£100m £100m-£200m
£20m-£50m £50m-£100m £100m-£200m
0%
Q3 Ac ve Capital - Purchaser Q3 Top 10 - Purchaser Overview
Q3
YTDAc vePurchaser
2021 Capital - Type
Purchaser
- Transac on Volume & Yield Q3 Top 10 - Purchaser Overview
YTD 2021PURCHASER
Top 10 - Purchaser Overview
£0.3bn £277M TRANSACTED NO. OF AVG. YIELD AVG. CAP
£0.3bn £277M PURCHASER TRANSACTED
VOLUME NO. OF AVG.
DEALS YIELD
(NIY) AVG. CAP
VAL £PSF
geraldeve.com £6bn £5,936M 8% Purchaser Transacted
VOLUME DEALSNo. of (NIY)
Avg. Yield VALAvg.
£PSFCap Val
Volume Deals (NIY) £psf
GIC £160M 1 £598
GIC £160M 1 £598
Sustainable Retrofit South East Office
£200M
Multi-Let
5.73% Blackstone £3,089M 3 3.98% £284
£0.2bn £200M 6% BioMed Realty £135M 1
£0.2bn BioMed Realty £135M 1
4.82% Mileway Wilson
£4bn 4.70% 4.55% 5.73% Kennedy £89M£608M 3 5 5.98%
7.09% £268 £92
4.15%£133M 4.21% Kennedy Wilson £89M 3 7.09% £268
£133M 3.89% abrdn
Bri sh Land £87M£463M 2 9 3.68%
4.15% £336£299
£108M
NIY
4% Bri sh Land
Bentall Green Oak £87M£300M 2 1 4.15%
5.25% £336£137
£108M
£0.1bn Brydell Partners Ltd £63M 1 £516
3.81%
June 2021 Investment Q2 2021
Disclaimer & copyright Q3 2021
In Brief is a short summary of market conditions and is not intended as advice. No responsibility can be accepted for loss or damage caused
by reliance on it © All rights reserved. The reproduction of the whole or part of this publication is strictly prohibited without permission from
Gerald Eve LLP. 01/22 geraldeve.com/services/research
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