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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 equity capital markets and completed the move from a secured to an unsecured debt structure. Our capital market activity included:

  • Completing a significantly 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 unencumbered balance sheet brings the Company many benefits, including:
  • A more diversified debt structure and access to a bigger pool of capital 
  • Increased operational flexibility
  • Increase debt maturity
  • A reduction in cost of debt
  • A reduced risk profile of the Company

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