Primary Healthcare Bulletin
|
|
- Eugene Glenn
- 8 years ago
- Views:
Transcription
1 Health Primary Healthcare Bulletin Autumn 2013
2 02 I GVA 10 Stratton Street London W1J 8JR
3 Primary Healthcare Bulletin 2013 Spring 2013 Introduction Over a million people a day use an NHS facility, whether at a hospital, GP surgery or treatment centre. This year sees the implementation of the Health and Social Care Act 2012 which has delivered some of the largest structural reforms to the NHS in recent history. Investor appetite for primary healthcare property has seen the sector grow in size and continue to deliver a better level of performance than many of the more established commercial property markets. The combination of market reform and concerns over the financial impact of private finance and public private finance initiatives (PFI/PPP) as a conduit of delivering new healthcare infrastructure means that the sector is at something of a crossroads. One of the largest changes to the structure of the NHS has been the abolition of primary care trusts, strategic health authorities and the creation of localised clinical commissioning groups supported by NHS England Local Area Teams. A consequence of this is that the real estate that was part of the old structure has now been transferred to a new body, NHS Property Services Ltd with the sole aim of managing over 4 billion of freehold and leasehold assets. In the future a growing and ageing population will place increasing demands upon the healthcare system in the UK. At the same time, advances in medicine, and the associated rise in costs, have met with increased expectations of service delivery. As a consequence of this, government policy is encouraging the shift in healthcare delivery from hospital to community settings, with improvements to primary healthcare assets a key feature. This bulletin seeks to highlight the main issues raised by the reforms within the NHS and primary care sector, as well as looking at the impact these will have. In addition, the report looks at the primary healthcare market and how it has performed from a property investment viewpoint and what fundamentals will drive the sector in the coming years. 10 Stratton Street London W1J 8JR GVA I 03
4 NHS Reform: Health and Social Care Act 2012 The NHS in England has undergone a period of major reform under the current government via the Health and Social Care Act 2012, with one of the largest changes being the abolition of primary care trusts (PCTs) and strategic health authorities (SHAs) in favour of clinical commissioning groups (CCGs), run by GPs themselves. The administrative role of these bodies which were responsible for overseeing primary, secondary and community care meant that over 80% of the NHS budget was devoted to them. Up until the implementation of the Act, there were 10 SHAs and 151 PCTs. In 2009, it was estimated 1 that spending on management consultancy was 300 million, while PCTs were spending an average of 1.2m on external companies, compared to 361,000 in Ownership of the property assets under control of the PCTs has been handed to the newly established NHS Property Services, which holds almost 4,000 assets. This is to allow the NHS itself and the CCGs to focus on their principle function. In turn, NHS Property Services is a dedicated private company, who as part of the broader NHS family, is responsible for property which was previously under the PCTs stewardship. A detailed breakdown of the estate is listed in Table 1 herein. Of these assets, approximately half is freehold in tenure, with the remainder being leasehold or let on short term tenancy agreements. Over the course of the first two years of the company s operation, the main purpose of NHS Property Services will be to hold property for primary and community care services, and to deliver cost effective property solutions for community health services. On this basis, GVA estimates that as much as 30% of the estate could eventually be disposed of as it doesn t fall within these principle functions. Table 1- NHS Property Services estate Asset type Primary Care Number Share Community care Yes 150 4% Hospital Yes % Land No 279 7% Residential No 77 2% Support No 162 4% Office No % Health centre Yes 1,994 50% Care home No 299 7% Total n/a 3, % Source: NHS Property Services Over the course of 2013/14, the NHS has a target of 4% efficiency savings which is to be reinvested into services and to limit the impact of inflation. The new company has an integral role to play towards this. The majority of its income is from NHS organisations, and it is duty bound to minimise costs to those parties using its facilities and passing those savings back on to the wider NHS. For GPs in England, the cost of premises has increased by 32% between 2007/8 and 2011/12 to 661 million and now accounts for 34% of all costs, compared to 27% in 2007/8. Unlike PCTs which received funding direct from the government, NHS Property Services receives no state funding or allocations. All income will be a result of billing its customers who occupy the estate or via rationalisation of that estate. The leasing arrangements held with these customers will be those which were inherited from the PCTs and SHAs so rather than introducing wholesale changes, current terms will be maintained. This applies to rental increases as well, which will only be applied if already in place prior to the 2012 Act being implemented. The downside of this is that the income will be as much as 50% below the annual expected running costs of the company of 700 million. In 2013/14, income from tenants is estimated to be 425 million, meaning that commissioners (NHS England) will have to plug the shortfall. 1 Management Consultancies Association 2 Pulse Magazine 04 I GVA 10 Stratton Street London W1J 8JR
5 Primary Healthcare Bulletin Autumn 2013 The impact of PFI In terms of rationalisation, one of the strategic objectives of the company is to ensure the tax payer as well as patients and staff receives best value for money with a smaller, better quality estate. Given the scale of change and difficulties in implementing a new corporate real estate strategy, for 2013/14 the company will inherit the programme used by the PCTs. From April 2014, key performance indicators and good practice guides will be put in place to ensure the efficient use of property in the ownership of NHS Property Services. To date, the company has identified some 340 sites suitable for residential or employment use which are considered to be surplus to requirements and will be disposed of over the course of the next two years. In all, there is the potential to deliver as many as 2,000 new homes (NHS PS business plan 2013). The majority of these are small sites although there are some with the capacity to provide more than 50 units. Overall, the estimated value of these sites is 250 million, although this is likely to increase as more sites become available. To date, the company has yet to publicly identify which clinical sites are considered to be no longer necessary. Where this is the case, it is the responsibility of the CCG and not NHS Property Services to conduct the disposal process itself once the necessary consultation and closure process has been implemented. The use of private finance initiative (PFI) within the healthcare sector has been widely reported, with the most notable example being the placing of South London Hospitals into administration. In this instance, the trust had to pay in the region of 69 million a year to service the PFI payments and interest, culminating in an accumulated debt of more than 200 million in late The share of servicing this debt as a proportion of all outgoings for the trust was 6%. There are two other trusts in England with a share greater than 7%. Introduced in 1992, PFI was used as a means of capitalising on private sector skills and expertise in the process of delivering public infrastructure. In practice, a private developer or operator finances and builds a new project and sometimes remains responsible for servicing and maintenance, then receives repayments and interest over the course of a 25 to 30 year term. Its use escalated to the extent that it became the preferred form of public private partnership (PPP). Over this time however, a broad range of problems associated with this process have arisen, the foremost being that it is overly costly, lacks transparency and inappropriate risk transfer to the private sector has resulted in increased premiums charged back to the public sector. As of 2012/13, the value of current PFI projects across the UK was 54.7 billion. Over a fifth of this ( 11.6 billion) was for 118 projects for the Department of Health, the largest financial share of any government department or organisation. This in itself is a considerable sum, but this fails to take into account payment terms which are linked to RPI inflation. A recent study by the Nuffield Trust showed that annual PFI repayments by NHS trusts in England increased from 459 million in 2009/10 to million in 2011/12, an increase of 170 million. This rise is equivalent to more than 18% per annum over the last two years. One issue is that margins for PFI finance have trebled since 2007 from approximately 1% to 3% in This is a combination of the increased risk associated with covenant strength (typically BAA/ BBB) and less liquidity in the financial markets due to new capital reserve requirements. The consequence of this is higher interest rates are passed on to the public sector to match the increased risk burden and cost of finance shouldered by the private sector partner, at the expense of other healthcare services. Questions have also been raised about how much PFI delivers in terms of value for money. In 2011, the cost of delivering healthcare infrastructure was 121 billion, although the value of the assets in question was assessed to be 52.9 billion. 10 Stratton Street London W1J 8JR GVA I 05
6 LIFT and primary healthcare Size of the market A more common type of PPP used specifically within the primary healthcare sector is the local improvement finance trusts (LIFT). According to the Community Health Partnerships (CHP), the sister company to NHS Property Services and responsible for all premises involved in the LIFT process, there has been over 2.2 billion of capital expenditure in the past decade, delivering 872,000 sq m of new floorspace across 314 projects. There are 49 LIFT companies currently in operation in England which via the CHP are responsible for strategic estate management, day to day operations of the estate and rationalisation of the estate via refurbishment or new build. Compared to PFI, the number and size of LIFTs is significantly lower and its use is targeted at primary healthcare and GP practices in particular; whereas PFI has been used for larger major infrastructure projects such as new hospital buildings. So what differentiates a LIFT project from one based on PFI? LIFTs have focused more on smaller to medium scale projects and one of the reasons behind this is that the public sector partner has the ability to create a joint venture with a private sector contractor of their choosing, rather than via the costly bidding process. This way, those relationships which work well can be maintained on future projects. Another important aspect in improving PPP performance is the move by hospitals to foundation status. Most are expected to have made this change by the end of The reason behind this is that a foundation trust can carry over any unused revenue each year instead of handing the cash back to the NHS. This enables the consolidation and accrual of funds, either in terms of equity or leverage for further finance. GP practices form a considerable part of the primary healthcare estate. There are over 10,000 across the UK, catering for over 41,000 GPs. All GPs, whether multiple partners or single practitioners, receive funding based on the practice rather than the individual. In the instance of single practitioners, it is not uncommon for them to partner with other practices nearby. The cost of paying rent, staff and maintenance costs are covered by the funding for each specific practice, with the leftover sum used as the pay for GPs. Previously this would have come from the PCTs and is now provided by NHS England and the CCGs. Table 2- GPs and GP Practices Country Number of GPs Number of GP Practices England 34,101 8,230 Scotland 4,270 1,025 Wales 1, Northern Ireland 1, Total 41,349 10,112 Source: BMA Despite the scale of PFI and LIFT usage over the past decade in particular, there is still a considerable amount of the former PCT estate which has not been updated. Some 65% is older than 1994, while over half is older than 1984, with the highest concentration amongst properties dated pre 1948 (Figure 1). 06 I GVA 10 Stratton Street London W1J 8JR
7 Primary Healthcare Bulletin Autumn 2013 Investment market Recent research by GP magazine (January 2013) established that 57% of GP partnerships believe that their premises are in need of improvement. The combination of poor quality of existing stock and the changes to government policy means that demand for modern primary healthcare facilities will grow. It is this major share of the primary healthcare portfolio in the UK that will help drive investment in the sector over the coming decade as real estate assets are improved and rationalised to provide greater performance in terms of quality standards, running costs, energy consumption and meeting growing patient demand. Figure 1- Age of former PCT estate 25% 20% 15% 10% 5% 0% 2005 present Source: NHS Information Centre pre 1948 Equivalent yield % The healthcare sector has evolved as a significant property asset class over the past few years, and within that, the primary healthcare sector has become its own established market. However this development has only taken place relatively recently so there is no detailed long term historical benchmark to measure performance against. The IPD Healthcare index looks at the broader healthcare sector and specifically the primary healthcare sector, going back as far as As the market has evolved, the index has grown in size by over 40% 8.5 to cover 786 healthcare properties in 2012, while the number of 8.0total properties covered by IPD has decreased by 12%, reflecting 7.5 the increasing appeal of the healthcare sector as an asset 7.0 class. In terms of the broader all property index, healthcare as 6.5a sector has increased proportionally from 2.3% in 2007 to % in The share of primary healthcare within the healthcare 5.5 index has risen from 50% to 60%, following a 68% increase 5.0 in the number of properties from The 4.0 total number of properties within the healthcare index has recorded a 45% increase in value since 2007, with primary healthcare rising by 93%. This is in stark contrast to the all property index, where the decline in the number of properties has been out paced by a 28% fall in value over the same period Rental growth All Property All Healthcare Primary Healthcare -10 The IPD annual healthcare property index shows that over the past three years, the annualised rate of rental value growth for primary healthcare property has been 5.4% pa, compared to 4.7% for all healthcare property. Rental values increased for primary healthcare by 5.0% in 2010, reversing a decline of 5.6% the year before. In 2011, rental growth then reached 11.1% before easing to 0.5% in 2012 (see Figure 2 overleaf). Rental value growth % Stratton Street London W1J 8JR GVA I 07
8 Figure 2- Rental Value Growth Rental value growth % Source: IPD In contrast, the all property index, which consists predominantly of retail, office and industrial property, shows that rental values are still a long way below the height of the market. Having fallen by 7.8% in 2009, growth has remained subdued with growth of 0.7% 25% and 0.3% in 2011 and 2012 respectively, following an additional fall of 0.4% in The primary healthcare sector remains far less volatile than commercial property in terms of rental growth thanks to the 15% use of index linked leases and the fact that covenant strength is supported by government and the NHS. Although 2013 has been a year of reform and upheaval in the sector, GVA still expects to see less volatility within the primary 5% healthcare market as demand remains strong, despite the recent policy change, and because it is not linked directly to broader 0% economic fluctuations in the same manner as commercial property. Property Yields % 10% 2005 present All Property Primary Healthcare pre 1948 Despite concerns that the increase in yields for commercial property following the peak in the market and ensuing downturn factored in too much of an over correction, equivalent yields for all property still remain almost 100 basis points higher in 2012 than they did in This is largely being driven by the contrasting fortunes of prime and secondary property across all the main commercial property sectors, where the spread remains steadily above 500 basis points. The primary healthcare sector though has remained relatively immune to these fluctuations and has seen an increase of only 49 basis points since 2007 with equivalent yields at 6.3% for the second year in succession, and importantly 70 basis points lower than for all property. This trend remains consistent not just in one area of the market, but across all regions covered by the healthcare index, which includes London; rest of the South East, South West and Eastern England, the Midlands, North and Wales; and Scotland, all of which match the national average with the exception of London at 6.2%. Changes in yields within the sector have also been less volatile than for commercial property which peaked at 8.2% in 2008 compared to 6.6% for primary healthcare. The relative calm and investor faith in the sector that this portrays is the result of a number of factors but includes: Long leases with government backed rental income, Low risk covenants (essentially government backed), Limited supply of high quality investments, The widespread use of RPI index linked leases, and Positive banking sentiment towards the sector. Figure 3- Equivalent Yield Equivalent yield % Source: IPD Total Returns The total return from primary healthcare property over the five years to the end of 2012 was 6.3% pa. Meanwhile over the same period, total returns for mainstream commercial property have been 0.7% pa. For 2012 itself, primary healthcare produced a 6.8% return, double the 3.4% recorded by all commercial property. Much of this strong performance has been driven by income return of 6.1% for primary healthcare compared to 5.8% all property. Capital values have remained unchanged (0% pa ) for primary healthcare, 15 but in the case of commercial property have fallen by -5.2% pa over the same period All Property All Healthcare Primary Healthcare Rental value growth % I GVA 10 Stratton Street London W1J 8JR
9 Primary Healthcare Bulletin Autumn 2013 The combination of falling capital values and weak rental value performance has been behind the low returns recorded by commercial property, resulting in a softening of yields. The combination of a smaller niche market, supported by limited supply and more robust rental performance has helped maintain a stronger level of return for primary healthcare, whilst keeping yields relatively firm. Case Studies Outside of the LIFT market the main investors involved in the primary healthcare sector are Primary Healthcare Properties (PHP), Blackrock and Realstar. Other specialist investors including, Assura Group, Prime PLC, and GPi also incorporate in-house development capability, with Assura recently turning down a takeover attempt by MedicX. PHP has so far purchased the assets from developer Primary Health Care Centres and investor Apollo Medical in 2013, with a further 55 million of deals currently under offer. Over 90% of the REIT s rental income is NHS funded, with 70% of leases over 15 years in length and nearly 75% of properties held less than 10 years old. As well as the specialist funds, larger institutional investors are also looking to gain a foothold in the sector. Aviva, Artemis and Henderson are all shareholders in Assura, while Blackrock has put together a fund for investing in primary healthcare as well as other alternative sectors. The main deals since the start of 2012 are listed in Table 3 below, which highlights how the main investors are securing existing assets and a future supply pipeline by forward funding development sites as well. Table 3- Key investment deals Year Sale Purchaser Details 2013 Trinity Medical portfolio Assura Source: GVA/EGi Wales, Midlands, Somerset & London Edinburgh & Bradford medical centres Primary Health Care portfolio PHP PHP PHP 2013 Portfolio purchase MedicX 2012 Leven Portfolio MedicX 2012 TSY (PMPI) Portfolio MedicX Purchase of 32 medical centres with a rent roll of 4 million per annum. Average unexpired lease term of 16.2 years. This deal takes Assura s holdings to 197 primary care properties, with a passing rent in excess of 40 million. Two development sites as part of four purchases totalling 15.9million. Combined purchase of two sites for a total of 8.7million. A total of 11 health centres sold for 26.8million with an income of 1.7million, producing a net initial yield of 6.2%. 14 medical centres purchased for 45million. Portfolio of five properties with a rent roll of approximately 1.2million per annum at 5.75%. Corporate transaction acquiring 31 properties for 91.9million with estimated yield of around 6%. GVA has acted for a number of the above named investors and developers during 2013 in respect of portfolio reviews, asset valuations and bank refinancing reports totalling over 500 million. 10 Stratton Street London W1J 8JR GVA I 09
10 Outlook for the sector Demand for primary healthcare is set to increase steadily over the medium to long term. Between 2010 and 2035, the total UK population will grow by 12%. Population growth is currently at 0.8% per annum for 2010 to 2020, faster than any decade in recent history. The population is set to reach 70 million by This increase in population, in particular the number of elderly, will have a significant impact on demand for the healthcare sector. The number of people of pensionable age (65yrs+) will increase by 28% by To put this into context, the number of people in employment age will increase by just 16%. As a share of total population, this age group will increase from 19.6% to 22.3%, while average life expectancy has increased by 3% over the last decade. Another major element of the reforms is the provision for NHS services to be opened up to competition from private providers, with the expectation that the majority of hospitals will eventually move towards becoming trusts. While many of the changes being made to the NHS are based on political reform, the underlying reason for this comes down to funding. As already discussed in this paper, the legacy of PFI has had a major impact on the healthcare sector. A consequence of this could well be that NHS foundation hospitals will consolidate to concentrate on general treatment, enabling private providers to provide more specialist, costly forms of treatment. There has been much debate about working practices of GPs and how this relates to current working practices and the flexibility to see patients outside of working hours. Whilst not a short term measure, primary healthcare could be used in new ways with the development of virtual surgeries online or pop-ups being established in community centres, libraries and possibly even supermarkets. 010 I GVA 10 Stratton Street London W1J 8JR
11 Primary Healthcare Bulletin Autumn 2013 Conclusions The primary healthcare market displays strong market dynamics with government backed income, a population that is increasing in size and living longer, as well as a healthcare system that holds the GP as gatekeeper to the wider NHS system. The current evolution of primary care has led to demand for modern purpose built care centres fit for current needs and trends. But the method and nature of procurement and delivery can be slow, due to the additional diligence required when mixing public and private sector involvement. Subsequently new stock only comes to the market in fits and starts and it is this infrequency of supply that helps drive investor demand, as well as ensuring a strong pipeline of new assets in the coming years. The primary healthcare sector has emerged as an asset class that has weathered the economic downturn well, outperforming mainstream commercial property in terms of rental value growth, total returns and yield movement. The more defensive nature of the sector has broadened investor interest, attracting greater involvement from individuals, institutions and private equity. And it is easy to see why. Mainstream commercial property, as recent history shows, remains volatile and has seen average lease lengths eroded to less than five years. Institutions which favour more traditional length terms must now look to alternative sectors such as primary healthcare to find 20 year plus leases. The quality of leases has also come back into focus, with the high rate of closures and administrations causing yields to fall away in some retail and office markets. The prospect of government backed covenants with little chance of voids helps the primary healthcare sector stand out as a robust asset. With limited investment stock, demand remains high, benefitting active investors and developers with a pipeline of supply. 10 Stratton Street London W1J 8JR GVA I 011
12 London West End London City Belfast Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool Manchester Newcastle Published by GVA 10 Stratton Street, London W1J 8JR 2013 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com For further information please contact: Richard Taylor Richard.Taylor@gva.co.uk Frank Convery frank.convery@gva.co.uk Kerry Bourne kerry.bourne@gva.co.uk James Kingdom james.kingdom@gva.co.uk gva.co.uk This report has been prepared by GVA for general information purposes only. Whilst GVA endeavour to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. GVA assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation GVA exclude all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from GVA to reproduce material contained in this report. GVA is the trading name of GVA Grimley Limited GVA
Healthcare will thrive on structural change
United Kingdom Healthcare, March 2016 Healthcare will thrive on structural change 4.50% (4.50%) 4.50% (4.50%) 5.00% (5.00%) 5.50% (5.50%) *Arrows indicate yield direction. Previous quarter yields in brackets.
DTZ Insight Public administration employment Major office markets weather the storm
DTZ Insight Public administration employment Major office markets weather the storm 27 October 2010 Contents Introduction 2 Trends in office based employment 3 Impact on office markets 8 Appendix 1: Methodology
Living Breathing Property
Health Living Breathing Property 08449 02 03 04 gva.co.uk/health Client Chipping Norton Health Centre Location Oxfordshire Services Development Consultancy, Architectural Design, Project Management, Planning
Research Briefing. Rent Review Outlook. Spring 2009
Research Briefing Rent Review Outlook Spring 29 Rent Review Outlook Spring 29 Introduction Welcome to our Rent Review Outlook, which is produced at a time of major turmoil in the economy and the commercial
Policy Response Buy to Let Tax Relief
Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in
Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
Outlook for Australian Property Markets 2010-2012. Perth
Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012
Schroders Property and UK Pension Schemes
June 2009 Schroders Property and UK Pension Schemes By Mark Humphreys, Strategic Solutions and Mark Callender, Head of Property Research Introduction Although classified as an alternative asset, property
THE ARLA REVIEW & INDEX
THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second
Full Year Results year ended 31 December 2015. Investing in the future of integrated healthcare
Full Year Results year ended 31 December 2015 Investing in the future of integrated healthcare Primary Health Properties PLC (PHP.L) A dedicated healthcare REIT www.phpgroup.co.uk AGENDA - Introduction
Industry outlook. Alex Jeffrey, Chief Executive M&G Real Estate MEMBER OF
Industry outlook Alex Jeffrey, Chief Executive M&G Real Estate MEMBER OF Part of the M&G Group Finding value in crowded markets Alex Jeffrey Nabarro 2015 Conference 20 October 2015 Investment themes Technology
Schroder Property Multi-let industrial estates: more than just your average manufacturer
Schroder Property Multi-let industrial estates: more than just your average manufacturer July 201 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst
ARLA Members Survey of the Private Rented Sector
Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,
EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY
EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT
The Business Rates Time Bomb
Thought Leadership The Business Rates Time Bomb Autumn 2013 Background Many business occupiers are facing challenging conditions in the current economic climate, with the level of outgoings a major concern.
Applying for your mortgage. COMMERCIAL PROPERTY FINANCE. PUBLIC PRIVATE FINANCE. dm=cfk^k`b
Applying for your mortgage COMMERCIAL PROPERTY FINANCE. PUBLIC PRIVATE FINANCE. dm=cfk^k`b When you need finance to extend, refurbish, buy or purchase a share of practice premises, you want a lender who
Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management
Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate.
What can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
THE EVOLVING RESIDENTIAL GROUND RENT MARKET CBRE SPRING 2013
THE EVOLVING RESIDENTIAL GROUND RENT MARKET CBRE SPRING 2013 INTRODUCTION The ground rent market has undergone significant changes over the last two years. This period has been characterised by a distinct
1 Bentinck Mews, London, W1U 2AL
Single-Let Office/ Residential Conversion Opportunity gva.co.uk/investment For Sale - Single-Let Office/Development Opportunity Executive Summary Virtual Freehold office of 2,758 sq ft (NIA) / 3,910 sq
High Yielding Office Investment
High Yielding Office Investment 2 Alexandra Gate, Ffordd Pengam, Rover Way, Cardiff CF24 2SA On behalf of: Heron s Park Investment Ltd In Administrative Receivership gva.co.uk/6785 Investment Summary Cardiff
CB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS
CB RICHARD ELLIS RESEARCH AND CONSULTING Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS August 2010 TABLE OF CONTENTS Foreword 4 Introduction 5 Corporate Tax Rates 6 Rents
Investment for charities. Good thinking. Well applied.
Investment for charities Good thinking. Well applied. 1 2 Balancing capital preservation and income generation Royal London Asset Management (RLAM) has around 200 charity clients from a wide variety of
Property Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
Property Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
MEASURING OUR PERFORMANCE
MEASURING OUR PERFORMANCE Our objective is to provide above average long-term returns to shareholders through the execution of our strategy. In order to measure the effectiveness of the different strands
Grainger Strategy Update 28 January 2016
Grainger Objective A strategy to deliver improved shareholder returns Grow rents Simplify and focus Build on our heritage 2 Strategy review process The strategy review process Bottom up review of every
Kames Property Income Fund Adding value through secondary property
Kames Property Income Fund Adding value through secondary property January 2015 Alex Walker Fund Manager, Property Investment John Dear Assistant Fund Manager, Property Investment % Where are we in the
Property Times Europe Q3 2010 Short supply improves rental outlook
1999 2000 2001 2002 2003 2004 2005 2006 2007 2011 2012 2013 2014 Property Times Europe Short supply improves rental outlook 19 October Contents Overview 1 Market Statistics 2 Office Market Overview 3 Outlook
UBS Global Real Estate Conference. Offices: Bullish Times Ahead?
UBS Global Real Estate Conference Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property to provide the environment
July 2014. UK Commercial & Residential Property Markets Review: July 2014 1
July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014
Pandemic Influenza. NHS guidance on the current and future preparedness in support of an outbreak. October 2013 Gateway reference 00560
Pandemic Influenza NHS guidance on the current and future preparedness in support of an outbreak October 2013 Gateway reference 00560 Purpose of Guidance To provide an update to EPRR Accountable Emergency
LAXFIELD UK CRE DEBT BAROMETER
LAXFIELD UK CRE DEBT BAROMETER Issue 5:Q2-, published November 2015 Laxfield Capital presents the 5th issue of the Laxfield UK CRE Debt Barometer, an overview of current financing requirements in the UK
Schroder Property What s the alternative: five reasons to move away from the mainstream
Schroder Property What s the alternative: five reasons to move away from the mainstream June 214 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst
Commercial Property Newsletter
Commercial Property Newsletter November 2010 Inside: Irish Commercial Property Commentary UK Commercial Property Commentary - Irish Life UK Property Fund Information European Commercial Property Commentary
Spotlight Key Themes for UK Real Estate in 2015
Savills World Research Commercial, Residential & Rural Spotlight Key Themes for UK Real Estate in 2015 savills.co.uk/research Spotlight Key Themes for UK Real Estate 2015 THE UK REAL ESTATE MARKET IN 2015
Great Portland Estates Trading Update continued strong progress
Press Release 10 February 2016 Great Portland Estates Trading Update continued strong progress Great Portland Estates plc ( GPE or Group ) today publishes its trading update for the quarter to 31 December
HEALTHCARE HEALTHCARE UK & IRELAND. Accelerating success.
HEALTHCARE HEALTHCARE UK & IRELAND Accelerating success. 2 HEALTHCARE UK & IRELAND UK & IRELAND HEALTHCARE 3 ABOUT US With one of the UK s largest teams dedicated to this sector, Colliers International
Badger BC. Investments Ltd. Business Plan 2014 2017. A wholly owned subsidiary of Broxbourne Borough Council
Badger BC Investments Ltd Business Plan 2014 2017 A wholly owned subsidiary of Broxbourne Borough Council Contents Summary 3 Governance and management structure 4 Rights, obligations and decision making
UK Real Estate. Alternative choices
UK Real Estate Alternative choices March 2015 The document is intended for institutional investors and investment professionals only and should not be distributed to or relied upon by retail clients. Introduction
SELF STORAGE INVESTMENTS WWW.LDAG.NET +44 (0) 871 218 0888 INFO@LDAG.NET +41 417 201 555
SELF STORAGE INVESTMENTS INTRODUCTION We would like to introduce the first affordable self storage commercial property investment to be released into the UK. An opportunity to invest in a self storage
PROPERTY: COMMERCIAL AND INDUSTRIAL
PROPERTY: COMMERCIAL AND INDUSTRIAL This information sheet summarises the key issues in obtaining commercial and industrial property in the UK. The factors covered are: 1. Procurement options (leasehold
Property Valuations as at 30 June 2016. ALE s 86 properties increased in value by $90.0 million to $990.5 million for the year to 30 June 2016
ASX ANNOUNCEMENT Announcement No. 06/16 The Manager Corporate Announcement Office Australian Securities Exchange 14 June 2016 Property Valuations as at 30 June 2016 Highlights ALE s 86 properties increased
Grainger Trust plc. Preliminary Announcement of Results for the year ended 30 September 2005. 6 December 2005
Grainger Trust plc Preliminary Announcement of Results for the year ended 30 September 2005 6 December 2005 Page 1 Contents Highlights Summary Profit and Loss Account Market Value Balance Sheet NAV Movements
ALM in UK Life. DRAFT 12 January 2011 V1
ALM in UK Life WP & Annuity strategy t John Lister DRAFT 12 January 2011 V1 1 ALM in UK Life Summary Asset and Liability management is at the core of what we do This combined with the quality of our credit
GUIDE TO INVESTING IN LONDON PROPERTY
LAWS AND REGULATIONS Nature of Ownership There are two types of land ownership in London; freehold and leasehold. The freeholder owns the land (in some cases including the sub-soil below the land, the
Property IQ. After a sterling year, what next? Q4 2014. Authors. Real Estate
Q4 2014 Real Estate Property IQ After a sterling year, what next? 2014 was an outstanding year for UK commercial property. The latest monthly IPD figures show annual total returns have climbed to 20%,
for Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
The UK Retail Bond Market H1 2011 Performance Update
1. Introduction The UK Retail Bond Market H1 2011 Performance Update Over the last 6 months, 7 transactions have been launched in the retail bond market in the UK, raising 540 million - with a further
Robert Braham, Regional Asset Manager (London) NHS Property Services Ltd
Robert Braham, Regional Asset Manager (London) NHS Property Services Ltd NLA 18 th June 2014 NHS Property Services: Who we are and what we do Created as part of Health and Social Care Act to hold Primary
The case for investing in UK real estate
Market Perspective September 2015 The case for investing in UK real estate By Matthew Richardson, Director of Real Estate Research After a slow economic recovery following the global financial crisis,
Investment Strategy for Pensions Actuaries A Multi Asset Class Approach
Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com
European Commercial Real Estate Finance 2015 Update
VIEWPOINT CBRE Capital Advisors analysis of trends in Europe s debt market European Commercial Real Estate Finance 2015 Update Highlights A year on from our last review, we have updated our European Debt
AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012
Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE
UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment
Results for the year ended 31 December 2014
Results for the year ended 31 December 2014 Investor presentation Mears at a glance 2 Social Housing We repair and maintain over 700,000 of the 5 million Social Homes in the UK. Our clients are increasingly
How should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide.
How should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide. www.increaseyourpension.co.uk Welcome to making investing simple Investing doesn t have to
Rebound after a slow start
DTZ Research PROPERTY TIMES Rebound after a slow start Europe Office Q2 2015 28 August 2015 Contents Take-up 2 New office supply 3 Vacancy ratio 4 Prime office rents 5 Outlook 6 Definitions 7 3 million
2008 annual results. Presentation on 18 February 2009
2008 annual results Presentation on 18 February 2009 1 2008: Continued growth Sustained business activity Lettings up by 9% in a market down 14%, including the pre-letting of two buildings under construction
Real Estate Investment Trusts (REITs) The International Standard for Property Investment
Real Estate Investment Trusts (REITs) The International Standard for Property Investment What is a Real Estate Investment Trust (REIT)? A REIT is a listed company, used to hold rental investment properties.
CGI of Longbridge Town Centre, Birmingham INVESTOR PRESENTATION
CGI of Longbridge Town Centre, Birmingham INVESTOR PRESENTATION OCTOBER 2012 Agenda 1. About St. Modwen Properties PLC 2. Portfolio 3. Finances 4. Glossary of defined terms 2 About St. Modwen Properties
Adelaide CBD Office Market
SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions
Page 69. Sutton Living Business Plan and Loan Agreement. Mary Morrissey, Strategic Director of Environment, Housing and Regeneration
Page 69 Agenda Item 5b Report to: Opportunity Sutton Limited Sub- Committee Date: 4 August 2015 Report title: Report from: Ward/Areas affected: Chair of Committee/Lead Member: Author(s)/Contact Number(s):
4. Financial assistance for investors: Grants and incentives
4. Financial assistance for investors: Grants and incentives An introduction from the UK Department for Business, Enterprise and Regulatory Reform There is growing interest from international companies
PROPERTY ASSET MANAGEMENT. Building Relationships
PROPERTY ASSET MANAGEMENT Building Relationships RELATIONSHIPS What we do is simple. We look after our clients, their investments and their tenants. We call it building relationships. Knight Frank are
28 St Thomas Court, Bristol, BS1 6JG
28 St Thomas Court, Bristol, BS1 6JG Bristol City Centre Office Investment Long Leasehold Located in the heart of Bristol City Centre. Modern office accommodation recently fully refurbished. Let to Potato
Understanding investment concepts Version 5.0
Understanding investment concepts Version 5.0 This document provides some additional information about the investment concepts discussed in the SOA so that you can understand the benefits of the strategies
AUDIT & PERFORMANCE REVIEW COMMITTEE ON 26 TH SEPTEMBER 2007
PAGE: 1 REPORT TO: SUBJECT: BY: AUDIT & PERFORMANCE REVIEW COMMITTEE ON 26 TH SEPTEMBER 2007 ASSET MANAGEMENT CHIEF FINANCIAL OFFICER 1. REASON FOR REPORT 1.1 To provide the Audit and Performance Review
Help to Buy Buyers Guide
Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy Page 1 of 27 Key information Buyers using this scheme must provide security in the form of a second
SERVICED OFFICE REVIEW // Uk 2015
SERVICED OFFICE REVIEW // Uk 2015 uk The serviced office market is dynamic and fast growing. An industry built on challenging the traditional office model, it continues to redefine the boundaries of the
A research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012
A research study issued by the ASX and Russell Investments Long-Term Investing Report FULL REPORT / JUNE 2012 Helping everybody invest intelligently by offering a deeper insight into investment markets
COMMERCIAL LEASE TRENDS FOR 2014
COMMERCIAL LEASE TRENDS FOR 2014 Notes from a Presentation given by N B Maunder Taylor BSc (Hons) MRICS, Partner of Maunder Taylor The following is a written copy of the presentation given by Nicholas
Managed by an experienced team of fixed income specialists. Diversified portfolio of 60-70 holdings
Alliance Trust monthly income bond fund built to outmanoeuvre the competition The newly launched Alliance Trust Monthly Income Bond Fund has been designed to invest in a diversified portfolio of predominantly
!"#$%!# &'()%*##+,-./-0/1#2345#+33/.6-7.45# (589:7;.-/#&;1<.:1:# =;4::#(571;5-/#+;1-*#>>?>!#:"##$7###%>?!&'#:"##<#(#
! 2(!'?+*!"%+&'%**,+-(.2*!'(+$%*!+!%?+*!"?/('0(=1+0?/2 %+!!"$%! &'(%*+,-./-0/12345+33/.6-7.45 (589:7;.-/&;1>?>!:"$7%>?!&':"
Land Securities Group PLC ( Land Securities / the Group / the Company )
Press Release 19 January 2010 Land Securities Group PLC ( Land Securities / the Group / the Company ) THIRD QUARTER INTERIM MANAGEMENT STATEMENT In the third quarter Land Securities continued to focus
Property Industry Alliance Property Data Report 2015
Property Industry Alliance Property Data Report 2015 PIA Property Data Report 2015 Introduction This document sets out key facts about commercial property, a sector that makes up a major part of the UK
Retirement Mortgage Product summary
Retirement Mortgage Product summary The Retirement Mortgage from Hodge Lifetime provides you with a flexible way to borrow money in retirement. A legal charge is secured on your home. AIMS The Retirement
An offer to extend Right to Buy discounts to housing association tenants
An offer to extend Right to Buy discounts to housing association tenants This document sets out the terms of an offer the National Housing Federation has made to the Government for a potential agreement
UK Real Estate Update
ADVISORY UK Real Estate Update Autumn 2013 kpmg.com/uk/realestate 1 UK Real Estate Spotlight Richard White, UK Head of Real Estate Foreword Can second tier cities fill the void? We have seen a significant
Help to Buy Buyers Guide. Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014
Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy August 2014 What is Help to Buy? Help to Buy is equity loan assistance to home buyers from the Homes
A Guide to Property Investment Options
A Guide to Property Investment Options Background The UK property market is still in favour with both UK and International investors, with London being targeted in particular. Annual investment in UK property
Chairman Superannuation Fund Committee Corporate Director Finance and Procurement. To: Superannuation Fund Committee 8 February 2013
By: Chairman Superannuation Fund Committee Corporate Director Finance and Procurement To: Superannuation Fund Committee 8 February 2013 Subject: Classification: INFRASTRUCTURE INVESTMENT Unrestricted.
Asset Management. Enter >
Your Assets - Our Know-How communication, response, control, direction, organisation Enter > Asset Management Who we are & what we do communication, response, control, maximisation, direction, organisation,
Your Complete Investment Solution taking care of you...
investment funds Your Complete Investment Solution taking care of you... Introduction New Ireland is one of the leading providers of investment solutions within the Irish market today. We offer a range
DTZ Foresight UK Fair Value Q2 2011 Widening yield gap raises scores
DTZ Foresight UK Fair Value Q2 Widening yield gap raises scores 23 August Contents Overview 1 Fair Value Index 2 UK market classifications 4 UK versus global forecasts 5 Office market forecasts 6 Retail
Investing Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011
Long-Term Investing Report Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 A research study issued by the ASX and Russell Investments About Us As
Spotlight Bridging the Gap in Housing November 2013
Savills World Research UK Residential Spotlight Bridging the Gap in Housing November 2013 SUMMARY Over two million households excluded from the property market by the credit crunch Excluded households:
CIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013
CIS UK Growth Trust A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 This document is intended for investment professionals and professional
primecentrum Why UK Buy-To-Let 2016
primecentrum Why UK Buy-To-Let 2016 Would you like to know more about investing in UK buy-to-let market? 1. What? 3. Where? 5. Who? 2. Why? 4. How?...Do it with our guide in 5 simple steps! 2016 marks
Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003.
PRUDENTIAL ANNUITIES LIMITED Returns for the year ended 31 December 2003 SCHEDULE 4 Valuation Report on Prudential Annuities Limited as at 31 December 2003 1. Date of investigation The investigation relates
HM Revenue and Customs. Asset Management Strategy. February 2008
HM Revenue and Customs Asset Management Strategy February 2008 Page 1 Contents Page Introduction 3 1. Capital Stock Survey 3 1.1 Condition of Assets 3 1.2 Departmental Asset Register 4 1.2.2 Net book value
Real estate market outlook Asia Pacific
July 1 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic recovery continues to strengthen across the region, with export-led economies set to benefit the most Office
HOSPICE ACCOUNTS Analysis of the accounts of UK independent voluntary hospices for the year ended 31 March 2013
Sponsored by chartered accountants & tax advisers Analysis of the accounts of UK independent voluntary hospices for the year ended 31 March 2013 Contents Introduction 3 Definitions and scope 4 Overall
Agents summary of business conditions
Agents summary of business conditions April Consumer demand had continued to grow moderately. Housing market transactions had picked up modestly since the start of the year, but were lower than a year
Asset Based Income Streams
AGENDA ITEM 5 Asset Based Income Streams Report of the Select Committee Policy Committee 22 July 2014 FOREWORD On behalf of the Select Committee I am pleased to present this report. The Council s long
Assessing the social and economic impact of affordable housing investment
Assessing the social and economic impact of affordable housing investment A REPORT PREPARED FOR G15 AND THE NATIONAL HOUSING FEDERATION September 2014 Frontier Economics Ltd, London. September 2014 Frontier
LENDING AGAINST COMMERCIAL PROPERTIES CRITERIA QUICK REFERENCE GUIDE
LENDING AGAINST COMMERCIAL PROPERTIES CRITERIA QUICK REFERENCE GUIDE Version 1.6 Effective: January 2015 Lending on Commercial Properties Criteria Quick Reference Guide for State Bank of India s UK operation.
Our Home Reversion Plan. Enjoy your retirement by unlocking the value of your home
Our Home Reversion Plan Enjoy your retirement by unlocking the value of your home I can now have the garden I ve always wanted. 1 Bridgewater Equity Release Limited the Home Reversion Plan experts Bridgewater
Large Company Limited. Report and Accounts. 31 December 2009
Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities