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

LIVE SCENARIO · EXIT PRICING

Change one assumption. See the whole case move.

ABOVE HURDLE

5.25%Exit yield6.50%

5.75%

SELECTED ASSUMPTION

LEVERED IRR

13.7%-47 bps

Base 14.2%

NET ASSET VALUE

£73.9m£-0.7m

Base £74.6m

EQUITY MULTIPLE

2.16x10-year hold

Base 2.19x

DOWNSIDE ENVELOPE

BASE

14.2%

5.60% exit · 6 mo void

APPROVED

13.7%

5.75% exit · 9 mo void

DOWNSIDE

11.1%

6.10% exit · 15 mo void

BREAK CASE

9.8%

6.35% exit · 18 mo void