Asset selection is central to the successful implementation of our strategy. Our acquisition criteria balance a range of factors to ensure we buy the right assets at the right price; and that there are opportunities for us to add value through our active asset management approach.

All acquisitions must satisfy the following criteria:


We focus on locations where there is strong tenant demand against limited supply of appropriate properties.

Lot size:

Concentrating on smaller lot sizes under £10 million in average and 200,000 sq.ft. in size means that active asset management can achieve greater results.


We are happy to take on properties with flexible short or medium-term tenancies, enabling us to effectively manage the assets and sign high-quality new tenants on strong covenants with longer-term leases.


Many smaller size assets are acquired at 30%-70% of replacement cost, creating price resilience and enabling greater returns at realisation.


In all cases we adopt a conservative approach to financing, targeting overall debt levels at 30%-40% of portfolio value over the medium term, consistent with the Company’s policy on borrowings and the maturity profile of our debt arrangements.

Overall market conditions:

We consider the outlook for the industrial commercial property sector, taking into account wider market conditions and sentiment in the sector.

Investing policy detail

The Company invests in assets that comprise an interest in freehold or leasehold property, (other than by way of security) which meet the following criteria:

  • Single-let UK industrial or logistics properties;
  • Modern (typically post-1980) constructions; and
  • Average lot value across the portfolio at acquisition of less than £10 million.

In addition, the Company will seek to invest in properties where it has the potential to:

  • Achieve rental growth and out-performance;
  • Agree strong tenant financial covenants;
  • Secure lease terms focusing on duration and rental growth; and
  • Benefit from positive geographical characteristics, including age and repair; location; building quality; site cover; transportation links; workforce availability; and internal operational efficiencies.

The Company acquires properties in a variety of ways, including direct from owners, through holdings or via SPVs and other vehicles.

Investments will not be undertaken speculatively, although the Company may take options over adjacent land/property.