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Capital Structure

Building a platform for future growth

FY18 was a transformational year for our balance sheet, during which we raised £1 billion of financing in both the debt and equit capital markets and completed the move from a secured to an unsecured debt structure. Our capital market activity included:

  • Completing a signifiacntly oversubscribed £225 million equity raise in July 2017, at a 14.7% premium to March 2017 EPRA NAV (292 pence per share)

  • Raising £430 million of new unsecured bank facilities in August 2017, including a £215 million revolving credit facility ('RCF')

  • Issuing our debut £300 million sterling-denominated unsecured corporate bond in March 2018, assigned an investment grade credit rating of BBB+ by Fitch Ratings

Completing the move to a fully uencumbered balance sheet brings the Company many benefits, including:
  • A more diversified debt structure and access to a much bigger pool of capital to help support the balance sheet in the future
  • Increased operational flexibility
  • Increase debt maturity to 7.9 years (March 2017: 2.5 years)
  • A reduction in cost of debt to 3.1% when our RCF is fully drawn (March 2017: 3.5%)
  • A reduced risk profile of the Company

Furthermore, we have maintained our capital discipline which means that our loan to value reduced to 28% at March 2018 (March 2017: 37%). At this level, we are safely within the Company's stated Financial Policy, with significant firepower to deploy into accretive acquisitions and our risk-controlled acquisition pipeline. ​

Our financial policies

Our conservative financial policies were put in place in consultation with shareholders and forma  key component of our financial risk management strategy.
Financial Policies