Full Year Results Presentation

Outlook Campuses • • Offices market rents expected to decline up to 5% before recovering Campus rents to outperform given demand. concentrated on best space Downward pressure on office yields as confidence improves driven by low interest rates and yield differential with the Continent Retail & Fulfilment . • • Retail park rents expected to decline a further c.5% before stabilising with some yield compression Shopping centres will take longer to stabilise; business rates may be a catalyst Urban logistics in London to see continued rental growth of c. 4-5% pa Canada Water

View entire presentation