In 2024, our Diversified Property Investments business successfully realised approximately £100m of equity from pre-planned asset sales. This achievement underscores the success of our discipline in realising capital once the asset management plan has been delivered, leading to meaningful returns on disposal.

Our partnership with FHR Capital on the disposal of the Palmetto Distribution Centre has been particularly fruitful, securing a net internal rate of return (IRR) of over 20% on the disposal of a large single asset – 18 months after its acquisition.

Similar success was realised with our partner Alden Street Capital in the sale of its largest US student housing asset, which achieved an IRR of nearly 17% over seven years with an equity multiple of approximately 1.6x.

These disposals are the result of well-executed business plans over the life of the investment cycle. The capital returned will be reinvested as we continue to grow the business.