Aligned with our strategy to increase the size of our diversified property investments portfolio to approximately

£1.5bn, the business has committed approximately £100m in equity in 2024 with two new partners, and a second investment with an existing partner.

We made our first build-to-rent investment in Australia through a new partnership with Cedar Pacific, in a transformative development delivering 475 new homes.

In addition, we began a partnership with URBZ, a Dutch-based industrial and logistics real estate manager and operator targeting core-plus and value-add industrial and logistics opportunities across the Netherlands.

2024 was a year of building on existing relationships, highlighted by an opportunity to further invest alongside our partner, Fine Grain Property. We leveraged beneficial market conditions to acquire a well-leased and well-located Grade A office asset in Dublin, at a discount to replacement cost. Our strong relationship with Fine Grain, established through our investment in their fund, enabled us to move quickly and secure a good opportunity for the business.