INVESTMENT COMMITTEE · PRE-IC

Harlow Fulfilment Park — £80m acquisition

Harlow, Essex · 1,284,000 sq ft · 32-bay · national last-mile operator

Updated 14:32

SCHEDULED PRICE

£80.0m

£80.6 psf · net

LEVERED IRR

13.7%

10-yr · 50% equity

NET ASSET VALUE

£73.9m

valuation ref SV-041

ENTRY YIELD

5.1%

contracting £4.08m

FUND HURDLE

12.0%

173 bps headroom

ANALYST CERTIFICATION

Ready for VP review

The case reflects source documents, firm methodology, and all logged analyst judgements.

Deal materials processed and cross-checked

Fund V mandate and methodology applied

Five material judgements resolved2 REMAINING

Approved assumptions reflected in returns

Evidence pack and change log attached

RECOMMENDATION

Proceed to VP review at £80.0m

APPROVED CASE

14.0% IRR

Subject to confirmation of CPI rent review drafting and a £2.8m roof/HVAC reserve.