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

ITEM 03 OF 05 · IN REVIEW

What exit yield should anchor the 2031 reversion?

Smart Bricks recommends 5.75%: 15 bps tighter than the initial downside, but 15 bps wider than broker guidance.

JUDGEMENT NOTE

EVIDENCE IN BALANCE

Independent valuation5.62%

SOURCE · SV-041 · p47

9 market comparables5.50–5.85%

AI ANALYSIS · Smart Bricks research

Broker deck5.60%

SOURCE · OM · p18

Initial downside5.90%

SOURCE · Financial model

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