IN BRIEF UK COMMERCIAL PROPERTY UPDATE AND OUTLOOK - December 2021 - Gerald Eve
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
IN BRIEF
UK COMMERCIAL PROPERTY UPDATE AND OUTLOOK
December 2021
Read more.
geraldeve.com/services/research
DECEMBER UPDATE
All Property annual total return continued its
steadfast 2021 rise from negative territory in
February to reach almost 17% in November.
Industrial yield impact is the driving force, though
there has been significant yield tightening
for retail warehouses and supermarkets also.
32% 21% 4.9% 2.3% 1.5% 4.2%
Industrial annual Retail warehouse 2022 GDP forecast 2022 CPI forecast 2022 10-yr bond 2022 unemployment
Key for industrial has been the step change total return annual total return yield forecast rate forecast
in rental growth this year, which is featured
in the Spotlight. Read more for the most
recent occupier and investment updates,
economics data and property forecasts.
Read more.
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
2021: From sub-zero to hero
All Property annual total return continued its steadfast 2021 Shopping centres, along with high street units, are seeing All Property annual total return and components
rise from negative territory in February to reach almost 17% not only further signs of stabilisation in pricing, but also an Sources: MSCI
in November. Clearly yield impact is the driving force and it is increasing number of actual deals taking place. The flagship %
20
interesting to note that while industrial dominates of course, Silverburn shopping centre in Glasgow was bought by
there are other sectors that have contributed meaningfully to Henderson Park for £140m from Hammerson and Canada Place 15
this. Retail warehouse annual yield impact was over 16% in Pension Plan Investment Board in December, albeit for less 10
November and the main difference for returns here versus the than half of the £297m paid in December 2009. The centre
stellar performance of industrial is rental growth. The step change includes the largest Tesco in Scotland on a long leasehold. 5
in industrial rents this year has been a result of the perfect storm 0
of void rates bumping along at critical low levels, limited new The UK office sector is still dominated by overseas investment
development and the enormous amount of pent-up occupier with a clear preference for best-in-class assets and, again, long -5
demand given a further sustained boost by the pandemic. This leases and diversified tenants. Returns have been unremarkable -10
Jan 20
Feb 20
Mar 20
Apr 20
May 20
Jun 20
Jul 20
Aug 20
Sep 20
Oct 20
Nov 20
Dec 20
Jan 21
Feb 21
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
is covered in more detail in this month’s Spotlight section. over 2021, but the key factor for geographical differences is
the negative yield impact for assets outside of the South East Income Return Market Rental Growth Equivalent Yield Impact Total Return
In an uncertain world, investment demand has been focussed where pricing has slipped. In contrast, the City and particularly
on high quality defensive stock and inflation-linked long income. the West End have seen some yield compression. In one of
Selected segments, annual total return and components
Investor competition is strong for these assets although stock the largest deals in December, ARA Dunedin (on behalf of ARA Source: MSCI
remains limited, mainly supported by tenant sale-and-leasebacks Korea-managed funds) purchased the mixed-use office-led %
and industrial development activity. Key industrial investment Marble Arch Place in London for £280m. The recently completed 40
deals in December include CBRE GI’s purchase of the John Lewis scheme is rated BREAAM Excellent and has a WAULT of 15 years. 30
distribution centre in Milton Keynes for an estimated £140m with
a view to making substantive ESG improvements. Supermarkets 20
have also performed well over the pandemic and the yield
impact in the year to November of almost 10% is testament to
32% 21% 10
Industrial annual total return Retail warehouse annual total return 0
this. Many of the factors above are captured in LXi REIT’s £59m
purchase of retail warehouse units anchored by a Sainsburys in -10
Middlesbrough on long income for a net initial yield of 4.9%. -20
Industrial Retail All Supermarket Retail WE Leisure All City ROUK High Shopping
w’house Property Office Office Office Office Street Centres
Income Return Rental Growth Yield Impact Total Return
geraldeve.com/services/research
UK PROPERT Y SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Segments
12-month return to November 2021
Source: MSCI
%
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 London Shopping SE
multi-let w’house Industrial multi-let multi-let warehouse Property Retail office parks WE office Office office standard office office high street high street centres high street
industrial industrial office parks
Income return Rental growth Yield impact Total return
geraldeve.com/services/research
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
UK economy
4.9% 1.5%
The economy grew by only 0.1% in the month to October in CPI annual inflation surprised on the upside and hit 4.8% in
keeping with the predicted autumn slowdown. Moreover, November. Moreover the imminent likelihood of more social
growth has been supported by increases in health output, restrictions will delay the rotation of spending back from goods 2022 GDP forecast 2022 10-yr bond yield forecast
partly due to high levels of Covid testing. With the troubling to services, which may exacerbate price pressures. After a
uncertainties for social consumption caused by the new spike early in 2022, Oxford Economics optimistically expects
Omicron Covid variant, Oxford Economics has revised down its
forecast of GDP growth for 2022 to 4.9% from 5.5% last month.
inflation to drop out of the figures later in the year and into
2023. Nevertheless, the Bank of England saw sufficient danger
2.3% 4.2%
2022 CPI forecast 2022 unemployment rate forecast
to begin raising base rates, to 0.25%, in December. There will
Encouragingly retail spending increased in November, as it did likely be two further increases in 2022, ending the year at 0.75%.
in October after five previous months of declines. The current
figures show growth of 4.1% over the past year but spending The monthly monitor
is still 2.8% below where it was in April. Growth has been Source: Bank of England, European Commission, IMF, ONS Two-year trend Latest figure
driven by in-store spending on textiles and footwear, which GDP annual growth 4.6%
was up an incredible 50% in the year to November. This Unemployment rate 4.2%
reflects the pent up bounce back from the massive drop-off
Consumer confidence -11.5
in the earlier stages of the pandemic. Conversely, spending on
Retail sales growth 4.6%
household goods in-store remains 11% lower than a year ago.
The proportion of online retail spending increased seasonally Retail sales % online 30.1%
as expected in November to 30% of the total. This is likely Manf output growth 1.2%
to persist in December, given flash PMI activity indicators of Brent crude (USD/bbl) 81.05
relatively more restricted in-person socialising and shopping. Gold (USD/oz) 1,820
Manufacturing output fell another 0.1% in October, as supply FTSE100 7,060
chain disruptions and shortages across the sector persist. CPI inflation 4.8%
Meanwhile the unemployment rate edged down again to 4.2% 10-year bond yield 0.8%
in October and initial evidence suggests that workers mostly
EUR/GBP 1.18
returned to their jobs post-furlough. However, there is great
USD/GBP 1.32
uncertainty now as the consequences of Omicron play out and
Two-year trend Latest figure
Nov-19
Nov-20
Dec-19
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Dec-20
Jan-21
Feb-21
Jul-21
Aug-21
Sep-21
Oct-21
Jan-20
Feb-20
Mar-21
Apr-21
Jun-21
May-21
Nov-21
while any further potential government support is unknown.
geraldeve.com/services/research
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Spotlight on...
Multi-let industrial rents
Multi-let rents have accelerated in recent years, reflective of the Third party Logistics firms typically occupy the larger, mid- Multi-let void rates by geography
structural shift in societal spending patterns and the gentrifying box end of multi-let and this is particularly the case in Greater Source: Gerald Eve, MSCI
occupier base. However, a perfect storm has seen a step change over London. Parcel & post occupiers are still very active in multi-let %
2021. Void rates are bumping along at critical low levels and limited to create ever greater numbers of last-touch depots and they are 20
new development has been met with enormous pent-up occupier now also competing for space with the grocery delivery firms. 18
16
demand given a further sustained boost by the pandemic. In the Multi-let occupancy related to food is key in London, with 23% 14
three quarters to Q3 2021 best-in-class Inner London multi-let rents of all tenant activity in the sub-5k sq ft units. Grocery logistics 12
10
have increased by as much as 36%. Even for regions outside of the (including new entrant last minute delivery services) account 8
South East prime headline rents have increased over 20% on average. for around a third of this and continue to be very active in 6
4
Inner London and have stretched out into the Greater London 2
Trade counters feature prominently across all classes and sizes boroughs and selectively into the South East near urban centres. 0
of multi-let space, typically holding around a quarter of occupied 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1
2021
Q2
2021
space. There are many requirements in the market, partly due The quasi-office footprint is over 22% in Inner London. London & the South East Rest of UK
to residential repurposing of previously held units. Amid the Post-Covid there has been increased demand, notably from
scarcity of suitable accommodation, some trade counters have retailers, for multi-let back offices to consolidate with logistics Annual all-grades ERV growth by geography
Source: Gerald Eve, MSCI
been forced to make small sub-5k sq ft units work by really operations and free up expensive and underutilised traditional
‘sweating the space’ so they can maintain essential access to offices in the capital. Meanwhile in Greater London multi- %
the densely populated household catchments. The issue is let space is increasingly being used to service the TV and film 8
7
compounded with the larger national occupiers that increasingly industry for computing and design, which also extends to 6
need to be selective when it comes to the environmental housing lighting, props and sets. Data centres are a growing 5
credentials of buildings, which is further limiting choice. segment too, given high demand for public cloud services. 4
3
2
1
0
2019 2020 2021 (annualised)
London & the South East Rest of UK
geraldeve.com/services/research
UK PROPERTY SEGMENTS UK ECONOMY SPOTLIGHT OUTLOOK C O N TAC T
Outlook
All Property total return is forecast to exceed 19% in 2021 and Total return and components by sector
slip back to around 10% in 2022. Nevertheless, industrial is set to Source: Gerald Eve, MSCI
continue its dominance. Underperforming retail subsectors should
Retail Industrial
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 late cycle surge in industrial investment 10
30
activity and pricing will boost total return in 2021 to almost 34%. 5
25
The overwhelming occupier demand set against insufficient supply 0
20
will continue to drive rental growth in 2022. Equally there should be -5
15
-10
some carry over of yield impact but at a much more moderate rate 10
-15
given the current keenness of investment pricing set against the -20 5
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 are 19.1% 10.4% 6.3%
20
reportedly marketing buildings which will deliver in the next 6-12 15
months above current market rents as they know competition for 10
4.7% 7.2% 6.1% 15
new space will be high. 5
10
5
Retail will outperform offices in 2021, driven by an incredible 24% 0
0
return for retail warehouses. This will be the first non-negative return -5 -5
since 2017. In 2022 retail warehouse return should ease but overall
-10 -10
retail return is set to outperform offices again as high street and 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023
shopping centre pricing stabilise and contribute positively.
Income return Rental growth Yield impact Total return
geraldeve.com/services/research
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 PRIME LOGISTICS
The definitive guide to the
UK’s distribution property market
Tel. +44 (0)20 7333 6271 Tel. +44 (0)20 7333 6288 Tel. +44 (0)20 7518 7255
Q3 2021 Bulletin
Read more
Capital Markets Agency Valuation
JOHN RODGERS
geraldeve.com
MARK TROWELL RICHARD MOIR Multi-Let Planning Budget Business Rates Review Prime Logistics
Partner Partner Partner Q3 2021 Briefing Note November 2021 Q3 2021
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 BRIEFING NOTE
June 2021
SUSTAINABLE RETROFIT IN THE
INDUSTRIAL SECTOR
Cordelia Batt
Senior Surveyor
Tel. +44 (0)20 3486 3613
cbatt@geraldeve.com
James Yarham
Senior Surveyor Challenge
Tel. +44 (0)20 3486 3718
jyarham@geraldeve.com Climate change is one of the biggest challenges facing humanity.
With the built environment accounting for around 40% of the world’s
carbon footprint, the real estate industry has a key role to play in
Our advice and recommendations are underpinned by the in-depth
the reduction of emissions. This is something that the industrial
sector is devoting significant energy and resource into doing.
In the last decade sustainability has moved to the forefront of the industrial
agenda, with occupiers demanding sustainable space, investors targeting
sustainable assets and developers building high specification units that align
with the strictest environmental standards.
However, the opportunity to occupy, purchase or build new industrial buildings
is clearly limited, therefore there is increasing focus on existing stock. Bearing in
mind 87% of buildings that will be in existence in 2050 have already been built,
improving their sustainability is key if the UK is to meet its net zero commitment
by then. Further still, with stricter MEES regulations due to come into force in
April 2023 building owners must act now or be faced with unlettable assets.
analysis of our award-winning research team. With a particular focus geraldeve.com
Manchester BTR Euro Logistics London Markets Sustainable Retrofit
on investment, London offices and industrial, our researchers work 2021 Summer 2021 Q3 2021 June 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
£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%
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)
£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%
6% £3.3bn
£10bn £3.2bn
5.5%
SUBSCRIBE
5.1% £3.3bn £3bn
£3.1bn
South East o ce Annual Transac on Volumes & Yield Quarterly Transac on Volume Comparisons
South East o ce Annual Transac on Volumes & Yield 5% Quarterly Transac on Volume Comparisons
£4bn
£8bn £2.0bn
£4bn 4.9% £2.0bn
£3.8bn £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
£2bn
£2bn
£2.1bn £2.0bn 2021 is already a record-breaking year for Under
£0.27bn
£0.27bn
1%
£1.3bn
£1.4bn
£0.9bn
transac on volumes, before we even enterUnder Q4.
Offer
Offer
4%
£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
£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
£1bn
Mul -Let Por olio Single-Let Under O er NIY
2%
2%
Total investment volume for Q3 was £788.3m across 39 deals
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
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:
Volume: £1.6bn Volume: £5.8bn 8.3%
Market Share: 14.7% Market Share: 54.6% £5bn
NIY: 4.8% 8%
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
Q3 Investment Volume - Town Centre VS Business Park Q3 Tr
£4bn
olume Range - No of Deals & Yield
10%
5.9% 10%
15 6%
15 15 5.1% 5.1%
15 4.7% 4.6% 4.7% 5.7%
NIY
£3bn
£226M (29.23%) 8.30%
4.0%8.30%
£226M (29.23%)
4.5% 4%
8%
3.0% 4.0% 8%
£2bn
6.67%
Single-Let: £1,191M 6.67%
£963M 2%
Volume: £3.3bn £1bn 6.80% £826M £724M10
10 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
£6bn 8% Purchaser Transacted
£5,936M VOLUME DEALSNo. of (NIY)
Avg. Yield VALAvg.
£PSFCap Val
Volume Deals (NIY) £psf
GIC £160M 1 £598
GIC £160M 1 £598
South East Office
£200M
Multi-Let Life Sciences
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%
Investment Q2 2021 Q1 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. 12/21 geraldeve.com/services/research
You can also read
