Please let me set out the agenda for today. I will provide an overview of our results and explain our future potential against the market backdrop. Tim will present the numbers, and Matthew will talk about our existing portfolio and our exciting development program. I will then sum up, after which we would be delighted to answer any questions that any of you may have. The Central London office market continues to readjust to the much-changed interest rate environment. We have this ongoing dichotomy, with capital values falling while rents are rising for the best-in-class office space. In this presentation, we will focus on how Helical can navigate this market to make the most of the opportunity which we believe exists, while mindful of the issues we face.
Compared to the results of other London-oriented REITs, which have reported over the last 10 days, you will note that we've experienced a larger fall in our valuations, which I believe is as a result of the vacancy, which sits within our completed developments and our existing investment portfolio. I will explain the detail of that vacancy shortly, and I would suggest that once we fill this, we might see a stronger bounce back, particularly as the yields applied in our valuations are discounted for the vacant space. Let me turn to Helical's key activity over the last six months. At The Bower, we have let the sixteenth floor to our tenant, Verkada, who have also extended their lease on the seventeenth floor. The tenant on the sixteenth floor, Incubeta, is moving to the fourteenth floor and due to sign their lease imminently.
We forfeited the leases over six floors held by WeWork last month, as they had not paid their September rent. This put us on the front foot, and we then agreed to grant WeWork a license over the space until 25th December this year, on the basis they paid the equivalent of all the outstanding rent. While the vacancy is unwelcome, The Bower has proven to be very attractive to occupiers. It is a well-located, high-quality asset on an island site with its own attractive public realm, which will be further enhanced when the roundabout works are finally finished. Importantly, we will now have full control of the space as at 25 December, which closes off any uncertainty. We have solid plans to take this space forward, which Matthew will outline shortly.
At the JJ Mack Building, we have now let the ninth floor to Corio at a rent of GBP 112.50 per sq ft, which is 2.3% above the March ERV. We have agreed leases on the first, second, and third floors to a single occupier, which will be signed once formally approved at their board meeting on 1st December. When this occurs, we will be around 60% let. We have just sold for GBP 7 million our final interest at Park Square, being the long leasehold interest in the retail units. This completes our highly successful joint venture with Baupost, which started in 2011. Since then, we have developed 235 apartments, three office buildings totaling 249,000 sq ft, and 21,000 sq ft of retail across 10 units. It was 13 buildings in total.
Through our performance, we increased our share of profit from our 33% equity participation to 44%, and Helical made a total profit of GBP 41 million, delivering a 26% IRR over the 13 years. Elsewhere, we have made good progress on the three TfL sites, and we have secured planning consent for 100 New Bridge Street. We are also finalizing the legal documentation to work in partnership alongside the owner of a landmark West End building, which will provide circa 150,000 sq ft of refurbished offices. Helical will make a small co-investment in what we term an equity-like deal, where our profitability is linked to rental performance. During the period, interest rates increased from 4.25% to 5.25%.
And while inflation is heading downwards, and it appears now quite sharply, the financial markets believe that interest rates will be higher for longer, although over the last fortnight, that has moderated, as illustrated by the 10-year Gilt, which was over 4.5% on 1st November and is now down to 4.1%. With this backdrop in the financial markets, the Central London investment market has had an extremely quiet nine months, with CBRE reporting just GBP 3.8 billion transacted, which is only marginally above the long-term quarterly average of GBP 3.4 billion. North American buyers have deserted the scene, reflecting the issues they are having with their own office markets... The main buying interest, such that it is, has come from the Far East or private buyers, and mainly at sub-GBP 50 million lot sizes.
At the start of September, it felt as if the market might follow its now traditional pattern of picking up in the final quarter, but hope of much impetus dissipated in October when the terrorist attacks happened in Israel. As I said earlier, the leasing market has been in marked contrast to the investment market. This is illustrated by take-up of 6.8 million sq ft, compared against the long-term average of 9 million sq ft or 3 million sq ft per quarter. This activity is directed towards the best-in-class, by which I mean well-located, newly developed or refurbished, attractive office space, finished to a high standard, with good quality amenity and fulfilling all necessary sustainability requirements.
Knight Frank report that over the last year, 63% of all transactions are for this best in class space, and this rises to 85% for take up of units over 30,000 sq ft. Recently, we have seen competition from occupiers for some buildings, with those losing out having to go to their second choice. This is pushing rents and adding impetus to the market. This is in contrast to the poorer quality, less attractive second-hand space, which provides a less enjoyable experience for occupiers. It lacks amenity and falls well below current and future sustainability requirements. These buildings need to benefit from either redevelopment or major refurbishment, or go for alternative uses such as hotels, residential, or student accommodation.
Supply remains elevated at 25.5 million sq ft against a long-term average of 17 million sq ft, but this reflects the surplus of the poorer quality space I've just described. Nearly 70% of this supply is second-hand space, a figure that is considerably above the 10-year average of around 11 million sq ft. Availability of new space is in line with the long-term average, and we continue to see strong bifurcation in tenant demand, which is focused on best in class. This bifurcation, this strong bifurcation, is being evidenced by rental growth, which is occurring for the best in class space, even if deals are taking longer to complete. Knight Frank reported a 2.5% increase in rents in the last quarter, and CBRE's rental forecasts are also on an upwards path, as shown on the slide.
Over the next five years, they are predicting between 4%-5% annualized rental growth. I'm sure you have all read some negativity in the press about offices, how they are not being occupied and that less office space is needed. You only need to travel around Central London during the week to see how many people are not working from home. The data on this slide from both Savills and CBRE shows a positive net absorption of office space. In Savills' research of 200 transactions above 10,000 sq ft in the City between January 2021 and May 2023, there is 1.5 million sq ft of positive net absorption. 41% of tenants upsized by more than 10%, while only 23% of companies downsized more than 10%.
CBRE report between Q3 2021 and Q2 2023 in Central London, for lettings of units over 20,000 sq ft, there was net additional take up in space of 3.6 million sq ft. Over the last six months, we have let 10,381 sq ft in five units, delivering GBP 0.6 million of contracted rent, which is in line with the ERV. Since the period end of 30 September, we have let 13,408 sq ft to Corio, and a further 68,000 sq ft is subject to agreed leases at the JJ Mack Building. In addition, 10,000 sq ft is under offer to Incubeta at The Bower. Our passing rent today is GBP 33.7 million, and the chart shows how this rent almost doubles to over GBP 60 million.
We have contracted uplifts of GBP 4.3 million, although this is offset by the loss of the WeWork and Baker McKenzie income from the December quarter day. However, more encouragingly, of the 14.4 million sq ft of available space, 3.7 million sq ft is under offer due to sign imminently. Letting this vacant space will drive future valuation gains. The development pipeline will deliver around GBP 17.8 million of rent, excluding TfL. We have an attractive pipeline of best-in-class space going forward. I have previously described what I define as a best-in-class building, and to that, we seek to add a bit of Helical magic, so our tenants have the best base upon which to create their own optimal occupier experience....
First priority is to let the remaining 86,000 sq ft of the JJ Mack Building, where we have good levels of interest. With planning consent at 100 New Bridge Street and vacant possession at the end of December, we are ready to start this major refurbishment, dependent upon completing our funding, to create what will effectively be a new building, utilizing the existing frame and structure. This will be followed by the TfL sites, due to complete 2026 onwards, and the West End landmark refurbishment, which we're due to start next summer, with completion by the end of 2025. In the meantime, we will apply all diligence to reducing the vacancy within the completed portfolio and will seek to recycle capital by disposing of assets over time to reallocate to the development program. Where will we drive shareholder value going forward?
When we have let the vacant space at the JJ Mack Building, The Bower and The Loom, our rental income will be enhanced, which will have a positive impact on value and will enable recycling to take place to meet the requirements of the development portfolio going forward. We will seek to finance this development program with a combination of bank debt and third-party equity. On all our developments, our appraisals demonstrate a clear path to achieve a 15% IRR. This is the case with both 100 New Bridge Street off the current value and the three TfL development sites at the agreed land values. The West End landmark building refurbishment should be completed in Q4 2025, and our profitability is geared to rental performance. I will now hand over to Tim.
The building, somewhere on there. Thank you, Gerald, and good morning, everyone. Let's start by looking at a summary of the financial results on slide 15. EPRA earnings of GBP 0.011, combined with an outward expansion of 46 basis points in the valuation yield, which is reflected in a valuation loss of 11.8%, led to a loss after tax of GBP 93.1 million. Despite this, the board have agreed to maintain the interim dividend at GBP 3.05 , the same level as last year. With a portfolio value of GBP 746 million, net debt of GBP 250 million, the net asset value of the group now stands at just over GBP 500 million, which works out at an EPRA NTA per share of GBP 4.09.
At 30th of September, the group's LTV was 33.5%, with a balance sheet gearing of just under 50%, and with cash and undrawn facilities of GBP 227 million. Let's take a look at the detail. Turning to slide 16, our net rental income of GBP 12.4 million is 32% lower than the corresponding period last year. Much of this reduction comes from the adjustment to net rents from writing off the accrued rent relating to the rent-free periods granted to WeWork under the terms of their previous leases and recognized in advance under IFRS. In addition, last year's figures include GBP 3 million from TikTok at the Kaleidoscope Building, which we sold in September 2022. Offsetting these reductions was the first contribution from our letting to the Partners Group at the JJ Mack Building.
Again, rent accrued under IFRS, as rent-free periods are spread over the length of the leases. Debts continued to be negligible, with 99% collected of all rent contracted and payable for the March, June, and September quarters. We made a development loss of GBP 0.5 million, with development profits of GBP 700 thousand from legacy retail schemes, offset by a write back of GBP 1.2 million of the previously recognized estimated promote at the JJ Mack Building, following its outward yield movement. Recurring administration costs before accruals for performance-related awards, including in joint ventures, fell by 16%, from GBP 5.8 million-GBP 4.8 million.
However, the accounting requirement to recognize the TSR element of share awards, regardless of actual TSR performance, increased the accrual for performance-related awards, leading to total administration costs of GBP 5.8 million, a reduction of 4.6%. Net finance costs in the main group were down 45%, from GBP 7.3 million to GBP 4 million, reflecting the lower level of average borrowings during the period. While in joint ventures, the completion of the JJ Mack Building in September 2022, saw finance cost expense during the period rather than capitalized. Overall, there was a 22% reduction in net finance costs, from GBP 7.2 million to GBP 5.6 million. So overall, on an EPRA basis, we generated net earnings of GBP 1.4 million, or GBP 1.1 per share, compared to GBP 5.8 million, or GBP 4.8 last year.
Moving on to the non-EPRA components of the income statement, the 46 basis points outward movement in yields generated a valuation loss of GBP 96.7 million.... Our interest rate swaps again contributed a valuation surplus, this time of GBP 2.1 million. So overall, we made a net loss after tax of GBP 93.1 million. Turning to slide 17, the EPRA net, net tangible assets per share of GBP 493.2 at the end of March, were boosted by the EPRA earnings per share generated in the period of GBP 1.1, but reduced by investment losses of GBP 78.6. Last year's final dividend, paid in this half year, of GBP 8.7, leaving an EPRA NTA per share at 30th September of GBP 408.7, down 17%.
Looking at our LTV and gearing on Slide 18, we again see a history of these ratios over the last 11 years. The valuation loss for the half year increased the LTV to 33.5%, and balance sheet gearing to 49.7%. Now, with a substantial new development pipeline looking to start in 2024, there will be upwards pressures on these metrics. But as previously stated, we will look to contain, over the medium term, our group LTV to a broad range of 25%-35%. Developments will be funded by a combination of recycled equity from the portfolio, JV partners equity, and bank debt. Turning to slide 19.
Our total debt facilities remained the same throughout the period, with borrowing slightly increased and the average cost of debt marginally down at 3.3%, all of which remains hedged out to 2024 with the average maturity down to 2.4 years. Of this, the PIMCO facility, due for repayment in July 2024, has a one-year extension option that we will look to exercise early in the new year. We will start to look at a possible extension of the RCF, due for repayment in July 2026, towards the end of next year. All our borrowings are either green loans or sustainability-linked loans. Turning to slide 20. All of our current borrowings are protected by a combination of interest rate swaps and fixed rates, and this interest rate protection covers our debt until the expiry of the two facilities.
Looking at our cost of debt, the weighted average cost, including commitment fees on undrawn amounts at 30th of September, was 3.3%. Without our current hedging, the average cost of debt today will be around 6.9%. And looking forward to the expiry of the facilities, using the current forecast SONIA rate for July 2026, the weighted average cost of our debt, fully utilized, will be around 6.1%, all other things being equal. Now, looking at our loan covenants and group LTV on page 21, we have a substantial cushion before we reach our covenant levels, and can withstand a further 52% fall in property values and a further 28% fall in rental income, post WeWork, before we start to reach our banking covenants.
Slide 21 also shows the impact of the committed expenditure on the group's LTV for the 18 months to 31st of March 2025, which reflects the site acquisition of Bank, our first TfL site, in October 2024. This pro forma LTV is just over 36% and is before any recycling of equity through potential future sales of existing assets. Slide 22 notes the committed and planned expenditure at 100 New Bridge Street and under the joint venture with TfL. As noted on the previous slide, the only committed expenditure in the next 18 months, currently, is the site acquisition at Bank. The building out of the development pipeline will require the recycling of equity from our existing portfolio, supported by JV equity and development finance for each of the planned schemes.
We're very close to agreeing the finance for 100 New Bridge Street and anticipate seeking funding for the development of Bank in the first half of 2024. With each of the Places for London schemes spread over the three years from 2024 to 2026, we have time to ensure that suitable financing is in place. And finally, in summary, the balance sheet is in good shape, with all current borrowings protected against interest rate rises to the expiry of those facilities. Letting our current vacant space provides a driver of future growth, and we have a pipeline of development opportunities to be supplemented by additional equity-light schemes. Finally, we will maintain our financial discipline, recycling equity and using third-party financing to fund our pipeline. And with that, I'll hand you over to Matthew.
Thank you, Tim, and good morning, everyone. Starting at the JJ Mack Building, we have achieved, as Gerald mentioned, a record rent for the Farringdon submarket of GBP 112.50, with the letting of the 9th floor to Corio Generation, a subsidiary of the Macquarie Group. We've placed 68,000 sq ft under offer on floors 1 to 3, which would take us to 58% let. While taking slightly longer than we'd hoped, we are achieving lettings ahead of our underwrite and our ERVs to occupiers with very strong covenants. We secured planning permission for the back-to-the-frame refurbishment of 100 New Bridge Street in June of this year. This approach will help minimize the embodied carbon. The scheme provides for an additional three new floors of offices overlooking a rooftop garden with stunning views of St. Paul's.
We have subsequently submitted an application for some further minor changes, which simplifies the facade envelope. The construction contract is in the process of being finalized, and we have secured vacant possession of the whole building in readiness to start. There is interest from potential pre-let tenants, which is encouraging at this stage of the process. With respect to our joint venture with TfL's new property company, Places for London, we are due to draw down the first of the overstation development sites in October next year, with us paying 51% of the site price. The scheme has consent for a new office building over the recently completed entrance to Bank Underground Station at Cannon Street, and comprises 142,000 sq ft on an island site over seven office floors with a double-height ground floor entrance.
We have a design team appointed and are looking to make some minor changes to the existing planning permission to ensure we deliver a building to the Helical standard. These planning amendments include the introduction of a shared space along Abchurch Lane, linking with Abchurch Yard, as shown in the CGI. A reduction in both the size of the loading yard and the quantum of retail will allow us to provide significantly enhanced end-of-trip and amenity space at ground and mezzanine level, in line with the expectations of occupiers. We have the benefit of extensive terracing over three floors, which are predominantly south-facing, and through rationalizing the core and plant areas, we are also hopeful of increasing the floor space on the valuable top floor.
We have had initial approaches from potential occupiers as being a brand-new, well-located, self-contained building over relatively few floors with large floor plates. It suits a number of emerging inquiries. The site at Southwark, which sits above Southwark Tube Station on the Jubilee Line and a few minutes from Waterloo East, is the next site to be drawn down in July 2025. It benefits from a planning permission gained in July 2022 for a 17-story, 220,000 sq ft office scheme, which became possible following a land swap arrangement between TfL and Southwark Borough Council, permitting a larger office floor plate. Now, while the existing permission maximizes the quantum of office space on the site, the structural solution is complex and costly, and we believe that there is an alternative scheme likely to generate much more value.
With our design team, we are carrying out feasibility studies, considering alternative approaches for the site, which could well include student accommodation. Our intention would be to secure planning consent for our preferred route during 2024. Our joint venture site at Paddington sits above the eastern entrance at Paddington's mainline station, with the office reception at canal level opposite the Brunel Building. The site is due to be drawn down in January 2026 and benefits from an implemented planning permission granted in 2015 for a 19-story office building comprising 15 floors of office accommodation, with floor plates of 15,600 sq ft, with stunning views across London. Our design team is currently focused on the necessary planning amendments to ensure that the scheme provides exemplary end-of-trip facilities, high-quality amenities, and outdoor terracing.
As well as aiming to pursue the required planning amendments over the coming months, we will look to simplify the structural solution to reduce the embodied carbon footprint. As with all of the Places for London JV projects, we will be working with our carbon champion to ensure the projects obtain the highest possible sustainability credentials and adopt innovative, modern methods of construction. We are confident, following our work to date across the JV portfolio, that through our efforts enhancing the schemes, we will generate increased rental levels, resulting in significant returns and retaining optionality over the funding arrangements. While we've seen positive progress at The Bower, with Verkada extending their lease on the 17th floor and expanding, taking the 16th floor, we have obviously been negatively impacted in valuation terms by the situation with WeWork.
As Gerald has mentioned, we were able to forfeit the leases of floors 1 to 6 on Friday the 27th of October, as they did not pay their September's quarter's rent. Our asset management team were on hand to explain the situation and support the WeWork customers, and our positive action quickly resulted in full payment of the quarter's rent and service charge by WeWork, and a new license being granted to them until the end of Q4 this year. While there are still a number of moving parts, we are working towards a resolution where we will seek to retain those businesses that wish to stay at The Bower under a managed basis, and we will aim to refurbish at least two of the floors to provide fully fitted, ready-to-occupy space....
We are confident in the letting prospects, as The Bower remains a popular location for occupiers, lying in the heart of the tech community, high quality public realm, which is increasing in size with the peninsularization of the Old Street Roundabout. Also key is the extensive and broad range of F&B on offer within the scheme, which includes the likes of Wagamama and the ever-popular Shoreditch Grind. We will look to provide greater clarity on the proposed way forward as matters evolve, but we are confident that regaining control of the space was the right course of action. Putting The Bower into context, it's pleasing to note that the net rental income, even without WeWork, covers the group's admin and finance costs. At 25 Charterhouse Square, the tenant on the fourth floor vacated, and the space was subsequently refurbished and is being marketed.
We are hopeful of securing a letting soon, given its proximity to the Farringdon East Elizabeth line station and its position overlooking a 2-acre Charterhouse Square garden square. Whilst we have secured some positive lettings at The Loom during the year at good rental levels, we currently have 41,000 sq ft vacant, which represents 37% of the building. The units on the fifth floor, previously occupied by Hey Habito, are contiguous, so we are hopeful of securing a sizable letting, which would certainly help move the needle. It's been a challenging period, but we have initiatives now in place to try and resolve the vacancy, and we are very focused on addressing this.
With the Places for London joint venture, we are really, for the first time, able to provide significant visibility of our future development pipeline with these new ground-up, consented development projects, for which planning permission will be increasingly difficult to obtain. With the sites only drawn down just prior to the proposed start on site, we have the ability to plan further ahead, ensuring we have the right design solutions, funding structures, and planning consents in place, maximizing the potential of the various sites. We are cognizant of the capital demands of the projects, and we will seek to ensure that our equity is used as efficiently as possible to enhance shareholder returns, whether this is through the alternative use plans at Southwark or possible pre-lets at Bank, which could provide us with the opportunity to forward sell the end product and benefit from interim financing.
Our new project in the West End is an example of our increasing focus on opportunities which adopt an equity-light model, providing an equity contribution which aligns with the interest with the owner, together with our established development expertise, which can drive greater returns on the equity invested. With a number of Central London owners not having the required skill set to reposition their assets, we believe we can capitalize on the current market dislocation and find some really interesting opportunities. We have done this very successfully in the past, and a few examples are shown here, where minimal investment was combined with our development skill set to create very significant capital returns. Our ability to inject equity differentiates us from fee-based development managers, and with our established track record and brand value, we are an attractive and compelling partner.
These deal structures, where our interest is typically geared towards outperformance, can result in meaningful returns for a business of our size. I will now hand you back to Gerald to conclude the presentation.
Thank you, Matthew. The readjustment in the market is painful, but behind the rapid increase in interest rates, underlying tenant demand has held up, and it is most focused on the best-in-class product which we provide. The market outlook is positive, with rental growth driving returns on our existing assets and supporting our exciting development portfolio. Our strategy is clear: We seek to maximize the rental income from our best-in-class existing completed portfolio by letting out the vacant space. Going forward, we will seek to develop at 100 New Bridge Street, potentially with a partner, and this will be followed by the TfL opportunities and the West End refurbishment. These schemes will be enabled as we continue to recycle equity by selling our mature assets, as we can produce higher returns by development or refurbishment and letting into a market which will be under-supplied.
We have established a strong track record over the last 30 years in developing best-in-class office space in Central London. We believe we will continue to find new interesting opportunities, particularly at this time of market dislocation, working alongside owners who recognize they need to supplement their skills with a trusted specialist developer to work with them to optimize the opportunity of their real estate.... This enables us to maximize the use of our equity to produce higher returns. Indeed, we are already receiving interesting approaches. That is the value of our platform. Thank you, and we will now be happy to answer any questions you may have.
Miranda Sherwin from Berenberg. A few questions, if I may. Firstly, just dividend policy. Given that you're probably gonna be selling, income will be reducing, can you give any sort of feeling, and thoughts on dividend going forward?
Yeah, I think we have stated in the past that our dividends come out of both EPRA earnings and realized capital profits. We're not an income stock in the sense that we have never really fully covered our dividends through EPRA earnings on a consistent basis because of our constant recycling of assets. So we've stated that we will fund our dividends, as I said, out of these realized capital profits, and we'll continue to do so. So, although earnings for the year will be down on last year, inevitably, through the impact of the WeWork forfeiture, you know, it, it's, you know... We'll see where we get to at the year end, but we're not currently anticipating any significant or fall at all. But that's a judgment for May rather than today.
And then the second question, you're obviously talking to the banks in terms of debt for the developments.
Yeah.
Can you give a sort of indication of how those conversations are going and the kind of pricing?
Well, we have two banks that are working together to provide the facility for our 100 New Bridge Street. We are literally a week or two away from being in a position to conclude those negotiations, subject to when we decide to start on site. We'll trigger that when we're about to commence the development. The pricing is, you know, reflecting obviously current rates, so there's typically a 4%-4.5% margin on swap rates for the period. It's a 4-year facility.
And then a couple of other questions. Just one, I mean, you talk about how market's very strong in terms of the leasing market. Can you give a feeling for why you think the JJ Mack Building, which is obviously a fantastic building, has taken a bit longer? And also, just at The Loom, again, leasing space, that again seems to be taking a bit longer to lease up in... As I say, you know, it's good space. If you'd just give a bit more detail there.
In a week's time, Miranda, I think we can say the JJ Mack Building will be 60% let. So I think that's a good outcome, and we've got, you know, good interest in other parts of it. I was myself taking the CFO of another, sorry, a FTSE 100 company around yesterday, and hopefully, we can persuade them to take a floor, and there are other discussions going on. So we're getting great rents, and so the market has been a bit slow, but I think we're seeing impetus. We're seeing some buildings where there's more than one party going for it, so somebody's disappointed, and I think that's encouraging the agents advising these occupiers to act with a bit more haste, and particularly persuading their lawyers to do so as well.
Thank you.
Matt?
Morning. It's Matt Saperia from Peel Hunt. Two questions, if I can, Gerald. I think you mentioned earlier on the vacancy of The Bower and the JJ Mack had obviously impacted values. Can you just talk about how the valuers are approaching the underwrite on the vacant space? And perhaps also touch upon when that space gets let, you know, what the value right back could potentially be or how that might ultimately happen.
Yes, yes. The way that Cushman's, our valuer is dealing with it, they're applying a discounted yield to the vacant space. So when that space is let, then the yield will... The discount will go off the yield, so there'll be a, an uplift when that occurs.
Are they assuming longer void periods and more CapEx in the interim?
Yes, obviously, they've got that in as well. So if we can let the space more quickly and at better rents and less CapEx, then obviously that's gonna improve as well.
Great. And then my second question was around the equity-like opportunities, the one you talked about in the West End. Did the the asset owner come to you, or are you pitching in a competitive situation? And how many of these opportunities do you think you could actually run concurrently? I mean, you talked about the, the capital demands, but what about the, the resource within the business to do this?
Yes, I think we've got the resources internally to do it, and we can always add to that, should that be required. The situation we're talking about, sort of, we got to hear of it, and we got to work with the parties involved. But it wasn't... I'm sure they were talking to other people, but it wasn't... I think they felt we were the right people to take it forward.
Thanks.
I say, I think what differentiates us from others is that we want to invest alongside the owner, so there's absolute alignment of interest, so that's very important. And that's unusual because the development managers won't do that, so they can get out of alignment very quickly, and the larger REITs prefer to really plow their own furrow.