ESG led portfolio of six London office buildings

Portfolio comprises 224,013 sq ft (NIA) of Grade A specified offices across a range of established London sub-markets. Each building is situated within a maximum of 10 minutes walk from their respective tube or train station, providing true connectivity across the capital. There is 16,935 sq ft (8% overall vacancy) of newly refurbished Grade A space available to let, allowing a purchaser to set a new rental tone in one of the London sub-markets. Following a series of purchases commencing in 2010, all six assets were subject to best in class low carbon refurbishments, providing protection against future environmental legislation. Following refurbishment each building achieved an EPC rating of ‘B’ representing an average improvement of 67% compared to their original ratings. All six buildings achieved a BREEAM ‘Excellent’ rating on completion, demonstrating the assets’ sustainability performance which is within the top 10% of new non-domestic buildings. Combined the six assets currently have a 5 star GRESB rating, with a GRESB score 21% above the average standing investment benchmark. The portfolio is currently 92% let with a total rent of £9,112,102 per annum, reflecting a low passing rent of £44.74 per sq ft on let space. Portfolio is multi-let to 13 tenants, with occupiers. Numerous asset management initiatives exist to drive value throughout the portfolio, including regear opportunities, in addition to rent reviews on over 18% of the income over the next 5 years. A weighted average unexpired lease term (WAULT) of 2.7 years to expiries, 2.6 years to breaks. Five of the six assets are held freehold, one is held long leasehold at a peppercorn rent.