Good morning, ladies and gentlemen, and welcome to the AEW UK REIT plc quarterly investor update. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab that's just situated in the right-hand corner of your screen. Please simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all of the questions submitted today and publish responses where it is appropriate to do so. These will be available via your Investor Meet Company dashboard, and we will notify you by email when these are ready for your review. Before we begin, I would like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful.
I'd now like to hand you over to Portfolio Manager, Alex Short. Good morning.
Good morning. Thank you very much. Thank you so much for joining us, and I'm so sorry we're a few minutes late, having had a few technical difficulties this morning. I hope everyone can hear us okay. On the screen, we have our NAV update for the first quarter of this year. If we could have that first slide, please. I've started the presentation this time with a slight change from the usual format. In this, I've reminded you what our NAV update announcement said. That is a new NAV announced of just over GBP 1.20 per share. Previously, of course, it was at closer to GBP 1.14. NAV total return for the quarter of 7.37%, which we are pleased with, and obviously we hope you are too.
The second announcement that I put on that page relates to one of our assets, Eastp oint Business Park in Oxford, and you may have seen that we subsequently put out a different announcement on that, shortly after we announced our NAV. The reason for that is because we are in the process of selling that property, and the price agreed is significantly ahead of its March valuation to the extent that we felt that that was information that needed to be announced. The estimate is it would put an additional GBP 0.11 on the NAV, assuming that sale goes through to completion. We expect it will go through to completion at the price that's been agreed, but it is just worth noting, please, that this is not yet a contractual deal. It is no guarantee, but we're very optimistic about the pricing.
Today, though, it is the NAV update that we're talking about, but I will also come back and tell you about Oxford in more detail with a slide so that you can see that transaction. Next slide, please. Here, just a quick reminder of the strategy that we run here at AEWU. AEWU is a diversified REIT that's diversified by location, by sector, and by tenant type. Typically, we run a slightly shorter occupational lease profile on the basis that running this strategy, we think that gives us, firstly, a pricing advantage at the point of purchase, and also being a very actively managed strategy here, we like getting to lease events.
Typically, we find when we get to a lease event, whether it's a rent review or a break or an expiry, that's very often the trigger for a conversation with tenants and allows us to do deals that adds the value that brings you the capital growth that you've seen in recent times. We have a relatively low capital value per square foot of GBP 73 per square foot. Our largest sector exposure remains industrial, but increasingly we've been buying up a few retail warehouse assets as well, which we will come back to and talk about in more detail. We generally run an initial yield profile somewhere between about 7.5% and 10%. Lot size is anywhere really between GBP 2 million-GBP 20 million .
That acquisition strategy is remaining the same, and we're still seeing assets that look positive and should be accretive to value going forwards. Moving on to the next slide, please. Here we have the quarter, the first quarter of 2022 summarized on this page for you. Gross valuation in AEWU now up GBP 240 million with 36 properties. The initial yield you can see has dropped slightly to 5.7%, but still a lot more income to come from our reversionary yield. These, of course, numbers from our independent valuer, who is Knight Frank. The reason the yield has dropped slightly in terms of initial yield is because we have been busy adding capital value through some pretty accretive asset management deals. We also have the vacancy rate at 5.73%.
That is very much in the sweet spot of where we would expect it to be. It's slightly artificially inflated short term, though, by the sale of an office asset in Glasgow, where we have been required to sell that building with vacant possession as part of the deal agreed. Emptying tenants out of that building means in the short term, our vacancy rate is a shade over 10%. As soon as that deal completes, you will see it come back down in line with the long-run average. Net asset value we have already talked about. Share price has been fairly volatile over the last week or so, but overall has been performing pretty strongly. You can see in those two pie charts the geographical spread of assets. We have pretty well spread across the country.
The sector exposures I've talked about, so just about 50% now remaining in industrial property. Our exposure to retail warehouse increasing and offices you can see now at about 18%. Moving on to the next slide, I'll hand over to Laura here.
Thanks, Alex. I'm Laura Elkin. I'm joint Portfolio Manager of AEW UK REIT. For the benefit of anyone who I haven't spoken to in a while, I've been on maternity leave for the past year, but now been back with the company for about three months. Hi there. The next few slides focus on our performance both at a company and property level over various time periods.
Starting with slide eight, this shows the company's dividend as compared with other UK diversified REITs. Apologies, the information shown here is now a little historic, due to the availability of information on the peer group here. When this slide was run, the share price for AEWU was about GBP 1.20, and we're now a couple of pence higher than that today. We are still very much one of the highest yielding diversified UK REITs, and very pleased with that. We are the only UK diversified REIT who did not cut or suspend their dividend during the recent pandemic. The most stable dividend shown here, which we're very pleased with as well.
One of the questions that we often get asked, and particularly in today's climate where the share price has risen somewhat, is will we be planning to increase this dividend? I think it's fair to say that we are more focused on, first of all, dividend cover, which we expect to be improving over the course of coming periods, and also much more focused on total return, I think, than increasing the dividend at this current time. I think that leads us on quite nicely to the following couple of slides, where we look at the company's total return, and how that has significantly outperformed other parts of the market. Could I see the next slide, please, Jake? Thank you.
Again, this slide compares the UK diversified REIT peer group with share price information in that first gray box on the left-hand side and NAV total return on the right-hand side of the page. As we can see, AEWU is one of the highest over a one-year total return and also the highest over a three-year and five-year time period. We are really, really pleased with our NAV total return performance, which was recognized by Citywire in awarding AEWU its award for Best Diversified Property Company now over the past two years. Could I see the next slide, please, Jake? Thank you. The next two slides look at performance on a property level rather than a company level.
Our asset performance we compare to the MSCI benchmark, which, as a reminder, monitors the majority of institutionally owned commercial property in the U.K. As you can see again here, over a 12-month, three-year, and five-year time horizons, we have strongly outperformed with our cumulative five-year outperformance being just under 18%. Just to point out on this slide that our six-month performance is slightly softer than the benchmark here. That's due to a slightly quieter Q4 2021 that we experienced with AEWU. Given the activity that we see in the portfolio, we expect to show a much stronger finish throughout the rest of 2022, so that is not a concern to us at all. The next slide, please, Jake.
Again, this is the property-level performance, the same performance as shown on the previous slide, but this time shown by sector over 12 months. We are really pleased to see our industrial portfolio outperforming what has clearly been one of the strongest performing sectors of the whole market, and we have still continued to outperform there. Similarly, in our office portfolio, the recent announcement on our NAV gave some very specific examples of strong performing offices for us recently, and we're really, really pleased to see those business plans coming to a head, and that is shown in the performance here. On the right-hand side of this chart in the retail market, so this slide summarizes both high street retail and retail warehousing for us.
Our performance is slightly below the benchmark level here, but we have recently bought a number of retail warehousing assets into the REIT's portfolio over the past 12 months. From those assets, we expect to see some really strong performance going forward, where we are lengthening incomes and also improving income levels. We've seen some good movement on those business plans already. Henry's got some slides coming up, which he can talk about some specific examples there. Yeah, retail, particularly retail warehousing, a sector where we expect to see more performance to come. Thanks, Jake.
I'll take over again here on this slide, which covers off some of the assets that we have sold during the time that we've been running AEWU. Of course, as well as putting asset management deals in place, for instance, new leases that might add value and so on, it's of course very important that we can sell these assets and crystallize that value. This slide looks at some of the assets that we have sold and the premiums over their initial acquisition price at which they've sold. Starting on the left, we have an asset in Corby that was sold for 52% ahead of its acquisition price. That, of course, is a great result for us, and also worth noting that we had a 10% income return there during the hold period as well.
Basingstoke and South Kirkby were two industrial assets that we sold as part of a small portfolio. The prices allocated to those in the portfolio meant that their premium above their acquisition price were 73% and 87% respectively. Our office asset in Solihull that we sold last year, that was 94% ahead of its acquisition price as a result of granting a new fairly long lease to the local authority there. Finally, the Oxford asset, which I will come on and discuss now, that was purchased for just under GBP 9 million, and the sale price agreed is GBP 37 million. The same comment about having an income return on the way through as well.
Yeah, important to be able to add value, but also, of course, crucial to be able to crystallize that value, which that slide hopefully demonstrates we can. Moving on to the next slide, I will briefly cover off this building in Oxford. We conducted a marketing campaign here to sell this asset. It has gone very significantly ahead of the valuation price, and as a result, that's why we've announced it much earlier than we usually would. The growth here is largely because we bought this as an office, and during our hold period, we've been gradually rotating this towards a life sciences use. Here we have two leases in place to Genesis, who are a provider of exemplary cancer care to private outpatients.
Moving it in that direction has meant life sciences have become really the main use on this site. Life sciences really being very, very popular, very much in demand at the moment. We think the purchaser here will redevelop the existing remaining offices, and that, of course, will be a great result for AEWU. I'll pass on to Henry here to talk on more of the assets.
Thanks, Alex. This slide looks at our office asset in Bristol in a prime location. We bought this back in December 2015 for a yield just shy of 9% of an ERV of around sort of GBP 20 a square foot at the time. We liked this asset because it had flexible floor plates, which meant we could sort of carry out a rolling refurbishment program. We also liked it because there was a lack of good quality B+ office availability in Bristol City Centre. When we bought it, the ERV was around GBP 20 a square foot, and since then we've done the rolling refurbishment plan and driving rents forward.
During the pandemic, we set a new headline rent of GBP 30 a square foot, completing lettings to Brewin Dolphin and Candine. We have two outstanding open market rent reviews where we're looking to push those rents on beyond GBP 30. Actually, more recently, we are in negotiations with a tenant who's currently paying a rent of GBP 27 a square foot, looking to push rent beyond the GBP 30 and in direction of GBP 40 a square foot. You can see that this asset has really its valuation has grown off the back of some strong rental growth over the past two years, and we continue to build on that theme. We'll, as always, continue to review a potential sale. For the time being, we're very happy with the performance of this particular asset.
If we can move on to the next slide, please. This is Central Six Retail Park in Coventry, which we bought last year for a yield of about 8%. As Laura said earlier on, we really like retail warehousing at the moment. There's various reasons why we like it. It's typically located in good fringe areas in good city centers. It is typically modern purpose-built space, which is good for repositioning if that needs be. It generally has a lower site coverage than industrial. This particular asset, the site coverage is 27%. Industrial would typically be about 40%-50%. The rents are relatively low, so you could very easily move it to industrial or trade counter use without necessarily affecting your income too much.
The yields are also attractive in comparison to those two sectors. It's also underpinned by alternative values, whether that be trade counter, residential, office, industrial. More recently, the changes to the E Use Class system, where you can move retail warehousing use to leisure, trade counter, maybe food. That means you have more options up your sleeve with regards to filling the scheme and driving rents forward. I suppose what we have seen kind of with retail warehousing in the past two years, it's kind of all a bit like the industrial sector with derived demand, where there is demand from the consumer, which ultimately leads to demand from the occupiers, which ultimately drives rents and we see yield compression.
We really have seen a divergence in the retail sector from the high street retail and retail warehousing, and that is why we're particularly focusing on retail warehousing at the moment. We've hit the ground running on this asset. As I mentioned earlier, the E Use Class system is really helping here, and we're bringing in alternative uses to just bog standard retail warehousing uses. We're looking to bring in food and leisure, and that will ultimately drive footfall, make the scheme more appealing and ultimately drive value. We're very pleased with this asset, and we've got off to a really good start. Which means I can hand you back over to Laura, who will take us through the pipeline.
Jake, if we could just move forward one more slide, please. Thank you. Great. Excellent. Given the activity that we have going on in the portfolio and particularly knowledge of a couple of sales coming up, of course, Oxford we have talked about, and Glasgow, a sale to follow later in the summer as well. We have been spending a lot of time in recent weeks tracking investment pipeline. That's particularly revved up in the last couple of weeks. Where we say that we are, or have identified attractive assets exceeding GBP 75 million, I think it's now fair to say that that total is now nearer GBP 100 million. Of course, it's an ongoing process of work being done every day by our investment team here.
Really, quite a few attractive assets, some of which we can show here on these slides, and we can talk about today, but some of which we can't show, I'm afraid, due to their sensitivity. I think if we talk about the pipeline in general, though, the characteristics of these assets overall are very similar to the characteristics that currently exist in the portfolio. A good balance of sectors, but focusing on those sectors which we prefer, at the moment being retail warehousing, or assets that can be suitable for alternative use, redevelopment in the medium term. Lot size is still GBP 5 million-GBP 15 million, some going up to GBP 20 million, but generally GBP 5 million-GBP 15 million is where we are seeing most opportunities.
Across the pipeline, yields of 7%+. When we look at some specific examples here, you'll see that some are very much in the 8%-9% bracket, very accretive to the current dividend and to the existing portfolio. To pick out a few of these individually, the first asset shown here in West Bromwich looks to be an attractive retail warehousing park. We're doing some analysis on this currently. The initial yield is 8%, and we think those rents look pretty sensible with some potential to increase them, but also some potential to attract further tenants to the site. The site is currently fully let, but just to improve the tenant mix here, which is already looking quite interesting with a mix of discount retailers, convenience retailers, and leisure.
Because that rent is pretty low, low capital value per square foot on the way in of just over GBP 100, most industrial values in this location would now exceed that. There's that level of alternative use underwriting that we often talk about. Moving on to another asset that looks very attractive at the moment. Yeah, thanks. Thanks, Jake. The second asset shown on this page, in Dewsbury, another well-located retail warehousing park. A lower capital value per square foot here at just over GBP 80. A higher initial yield at close to 9.5%.
This again is a fully let park, but the level of rents here look particularly low, so we believe that there is ability to move that running yield on to in excess of 10%. We think this looks like a very attractive opportunity. Again, what's quite interesting here is that the property sits directly adjacent to a council leisure center. That really helps to drive footfall across this park, which is a mix of retail warehousing and leisure, and has meant that all of the tenants continue to trade very well here. Another opportunity to talk about, Jake, if we could just move forward to slide 21. Thank you. The top opportunity here shown in Walsall. This one is fairly interesting because it sits between two existing holdings that the REIT already has.
This is in two industrial holdings, and there is a site which is outlined in yellow in that plan, apologies, it's a little faint, that sits in the middle of those two sites. We're in exclusive conversations with the owner of this site currently. It would be opportunity to purchase the site with a couple of years of income. It would be yielding 7% or slightly higher, depending on where those negotiations get to. One of the things that we think is most interesting about this opportunity is that it would then open up the wider site for the opportunity for redevelopment in the medium term.
It's likely that the lease that would be agreed with the existing operator here would be coterminous with the two leases either side. Due to the property's very close proximity to the M6 motorway, be attractive for redevelopment in the medium term. Thanks. If I could hand back to Henry to begin.
Thank you, Laura. If we move on to the next slide after this one, please. Thanks. Yeah, thank you. We obviously look at ESG when we're buying our properties. Once we've bought them, in the asset management teams and working with our property managers, that's where we really have an opportunity to sort of make a difference. Currently at the moment, there's sort of three areas where we're really sort of focusing on is, one is green leases. When we are carrying out lease renewals or new leases or regears, which we have the benefit of, more often in the REIT, as a result of having shorter WALT. We look to insert green clauses in our lease, which historically tenants have always put a red line through. We insist on those now.
They really benefit us because they essentially promote the collaboration between landlord and tenant to work on ESG initiatives. That, for example, can be the collection of the utility data, and by having that utility data, you really can sort of assess the environmental impact that your building has with a view to then improving that going forward. Where we have those short leases and lease lengths, we also benefit with MEES, which is Minimum Energy Efficiency Standards, with the EPCs of our buildings, where we can look to improve EPCs of our buildings through refurbishments or works which are done on lease events with tenants. We're conscious obviously of the ever-improving minimum energy efficiency standards between now and 2030. That's something that we're working on as well.
We also work with our property managers, Mapp, on ASAPs, which are Asset Sustainability Action Plans, where we look to identify opportunities at the assets, whether that is saving energy use, which is ever more important in the current environment. Also looking to do things like promote biodiversity, and that can be bat boxes or bug hotels, doing things for the community. We're doing things like that as well. On the ground, those are the things that we're doing and looking to improve sort of the ESG credentials of the company. Which leads me to hand over back to Laura, who is gonna conclude.
Thanks, Henry. So as we've covered off today, we're really pleased with the performance of the portfolio and expect to see some strong growth coming forward. We've shown strong NAV performance and very strong share price performance over various time horizons as well. The company has demonstrated resilience through the pandemic with high levels of rent collection and now property values normalizing to show a high level of total return as well. Throughout the pandemic, of course, we were the only REIT not to suspend or cut its dividend and we are really proud and really pleased of how we managed to manage the portfolio and the structure very well during that time to avoid that.
Our dividend of GBP 0.02 per share per quarter has now been consistently paid for the past 26 consecutive quarters, and over that time period has been in excess of 98% covered. We're incredibly pleased with what we have achieved, but of course won't be getting too comfortable there and looking to push performance on with many more business plans that we have and are working on at the moment to reach fruition and see further value realized in the portfolio. Thank you.
That's great. Laura, Alex, Henry, thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated in the right-hand corner of your screen. Just while the team take a few moments to review those questions submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Laura, Alex, Henry, we did receive a number of pre-submitted questions ahead of today's event, as well, as you can see, a number that have come through during today's presentation.
Firstly, can I thank all investors for submitting their questions, and perhaps if we start off the Q&A session with this pre-submitted question. It reads as follows: Great progress. Geographically, do you feel certain areas offer you better growth prospects than others? How competitive are you finding, bidding on new assets?
I think there's sort of two parts to that question, and I'll pick up the geographical side of that first. The question was, do we feel that certain areas offer better growth prospects? I think it's fair to say that, and this has been the case today and throughout the time that we've been building the portfolio for AEWU, that our approach very much tends to be on a sort of bottom up from the asset up approach, very much focused on the specifics of each asset. We don't, for example, specifically set out to say that we are looking for industrials in the North West. Our requirement is very much more if, for example, we were looking for industrials, it would be well-located industrials across the U.K., near to motorway junctions.
In each location, when we find an asset that looks to be attractive, we would analyze on that property's micro location. Is there a good strength of tenant demand in that location? Is there not a significant amount of other property available that the tenant could relocate to? I think it's very much more asset specific than looking at certain geographical areas. The second part of the question was on how competitive do we find bidding situations currently. I think it's fair to say that this generally does and very much at the moment we're finding it differs for each sector.
For example, if we look at retail warehousing, where we have bought a number of assets and are looking to acquire a number of assets going forward, I suspect it's fair to say that competition has increased over that time period. For example, we bid on an asset last week in the retail warehousing sector. We found that we were able to achieve the contract on that despite the fact that there were other competitors bidding because of the fact that we have a very strong track record in reliability as a counterparty, and being very sort of true to our word in having committed to these transactions.
If we look at the portfolio now having completed on close to 40 purchase transactions since we IPOd, that's clearly quite a significant track record in this area of the market. I think it's fair to say that we are able to often beat competitors because of our reliability as a counterparty.
That's great. The next question that we have here is from Richard S, and it reads as follows, "At the last update you indicated that a rights issue may be an option to fund pipeline investments. Is this still the case?
Want me to take that?
Yeah, sure.
I can take that question. If AEWU decides to raise more capital, a tap issue is the most likely way that would happen in the short term. The share price obviously has been relatively volatile over the last couple of weeks, of course, with the NAV announcement for the quarter going out and then going ex-div, and then of course with the news of the prospective sale of Oxford going through. Really, this is something that the broker would need to advise on this point. I suspect it would be slightly difficult to know how to price a tap issue just at the moment because of the Oxford news. I think the team are hopeful that at some point the success in terms of performance and so on will result in growth of this vehicle.
Thank you very much for that. The next question that we have here is from Dave M and reads as follows, "Supermarket REIT have started installing solar on some of their supermarkets. Are you considering doing anything similar on your industrial or warehouse retail sites?
Yeah, so, o h, go ahead Henry. No , you please go ahead.
Yeah, we are looking at solar panel opportunities across the portfolio. It's important to note that to do solar not only do you need a willing landlord and a willing tenant, but you also need to have the National Grid on board with regards to the connection there. We are looking at it, and there are sort of some good opportunities where you could actually not only is the tenant saving costs on their electricity, but if the landlord is installing the solar panels at his own expense, you actually can make IRRs over sort of a 10 to 15-year period of about 10%. Actually you can have more income as well, which would ultimately benefit the performance of the REIT as well.
As a result of that, yes, we are looking at it, and because we do have shorter leases, there's an opportunity to discuss that with tenants as well. Yes, it is something that we're looking at. The property in Rotherham in particular is an asset that we are currently working on in particular.
Laura or Alex, was there anything you wanted to add to that?
No, that's great. Thanks.
Perfect. The next question that we have is from Mark S and reads, "Will future asset mix reduce exposure to offices and industrial with more weighting in retail warehousing?
I think I absolutely wouldn't be surprised if we saw our exposure to retail warehousing increase. I think we've talked a number of times about attributes within that sector that we see to be attractive, and from looking at our pipeline, there are assets within that sector that we can acquire, and continue to drive performance in the way that we have been. Yes, I absolutely wouldn't be surprised to see that increase. In terms of whether or not we specifically decrease our exposure to offices or industrial over the medium term, I think we've clearly got quite a lot of asset management going through the office side of the portfolio at the moment with two significant sales in Oxford and Glasgow. Now once those two exit, we'll be holding.
Well, first of all, significantly reduce our office holding, and will leave us holding two office assets in Bristol and in Gloucester. Whether or not we continue to see any attractive office assets, apologies, we absolutely do. There are some on our pipeline that we would love to acquire, so we would, I think like to see that office allocation top up a little bit from where it would sit once Oxford and Glasgow exit the portfolio. In terms of industrial, we have some assets within the industrial portfolio that I think we will recycle as in the way that we have been doing.
Once values get maximized, and we feel that income has and value has been pushed to where we can maximize it in the medium term, we then sell those assets and recycle the capital. We may do that with some of the industrial assets, but I don't think you would see us make a significant move away from that sector, because of the fact that quite a lot of the assets that we own in that sector still have a very low level of passing rent. For example, I think that our average passing rent across industrial assets is still below GBP 3.50 per square foot, so incredibly low, and still expecting to see rental growth driving performance from those assets going forward.
Thanks, Laura. That's great. We have a question here, or more, really more of a comment from Chris. It reads as follows: "Hi Alex, Henry, Laura. I'm unable to make the full meeting due to work commitments. I just wanted to join the meeting to pass on my congratulations and thanks for all the excellent quarter results and the sale of the Eastp oint Business Park.
That's very nice. Thank you Chris.
Thank you Chris.
If I may just turn to Terrence's question. It reads as follows: "Are you interested in acquiring or merging with other REITs that are not as successful as you have been?
I think it's fair to say that we're very much looking at our investment pipeline at the moment. Alex has touched on the fact that we are considering whether or not we could make a move to do a tap issue at some point with the REIT just to try and take advantage of the significant pipeline that we see. I think what we're always doing is we are always considering how we can best maximize shareholder performance with this vehicle.
Whether or not that's looking at direct property or whether or not that's looking at other opportunities in the listed space, we are always considering what we can do here that is best, and I think that's probably all I can say at the moment. Really, that is what we do, we have done, and we will always continue to do in the shareholders' best interest.
Thank you very much. That concludes the questions that we have. Of course, if there are any further questions submitted today, we'll make these available to you guys immediately after the presentation has ended. Ladies and gentlemen, we'll publish all those responses where it's appropriate to do so on the Investor Meet Company platform. Laura, perhaps while redirecting investors to provide you their feedback, which I know is particularly important to yourselves and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great.
Yeah, no problem at all. I think we've summarized that we're very pleased with the performance of the company. Clearly quite a lot of exciting business plans that are reaching fruition at this time, so we think it's a really interesting time for us. We are really, really encouraged by the strength of our pipeline at the moment, and we think that looks to be really interesting as well with some opportunities which are really representative of those which already exist within the portfolio. I think, yeah, very pleased with the performance and excited to see what future periods can bring.
Laura, that's great. Alex, Henry as well, thank you very much indeed for taking the time to update investors this morning. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team of AEW UK REIT plc, we'd like to thank you for attending today's presentation. That now concludes today's session. Good morning to you all.