INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2016 1 AGENDA - - PowerPoint PPT Presentation
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2016 1 AGENDA OVERVIEW AND HIGHLIGHTS FINANCIAL RESULTS STRATEGIC UPDATE + DEVELOPMENT AND TRADING PORTFOLIO + INVESTMENT PORTFOLIO + SPECIALIST PLATFORMS SUMMARY APPENDICES +
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INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2016
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OVERVIEW AND HIGHLIGHTS FINANCIAL RESULTS STRATEGIC UPDATE + DEVELOPMENT AND TRADING PORTFOLIO + INVESTMENT PORTFOLIO + SPECIALIST PLATFORMS SUMMARY APPENDICES + APPENDIX 1: OVERVIEW + APPENDIX 2: FINANCIALS + APPENDIX 3: PORTFOLIO STATS + APPENDIX 4: ECONOMIC CHARTS
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05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
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ENCO COURA RAGING PROGRE RESS M MADE ADE DE DESPITE CH CHALLE ALLENGING ENVI VIRONMENT PROGRE RESS ON ON STRA RATEGIC INITIATIVE VES
Development and trading guidance reassessed + £11.5m of development and trading gains in H1 (H1 guidance £8m) with £11m secured in H2; £22.5m in the year to date + EPRA NAV at 272p – after payment of supplemental dividend; development and trading portfolio reported at cost (will mark to market from end of FY2017) + Investment portfolio value of £180.1m (initial yield maintained at c7%) – disposals
+ Overheads: targeting a contribution of £2m in FY2018 through a reduction in recurring
+ Interim dividend maintained at 2.4p per share Major regeneration project wins in core regions + Focus on fewer, larger mixed-use regeneration projects: 8 Albert Embankment, Cockpit Yard, Westminster Industrial Estate (London City Region) and Mayfield (Manchester) + Good visibility on trading profits in next few months + Investment portfolio impacted by EU referendum; conditions improved in recent weeks despite ongoing economic and political uncertainty + Repositioning investment portfolio to align to Group’s focus on regeneration + Creating specialist platforms for growth and efficiency
HY2017 HIGHLIGHTS
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HY2017 PERFORMANCE HY2017 Y2017 HY 2016 FY2016 Development and trading gains £11.5m £12.5m £51.1m EPRA Net Asset Value (NAV) (2) £340.8m(1) £342.7m £363.5m Basic NAV £340.5m(1) £342.9m £363.3m EPRA NAV per share 272p(1) 274p 291p Basic NAV per share 272p(1) 274p 291p (Loss)/Profit before tax (£11.7m) £1.4m £25.8m EPRA (loss)/earnings per share (1.8p) 0.4p 17.1p Basic (loss)/earnings per share (9.9p) 0.4p 17.1p Dividend per share (in respect of period reported) 2.4p 2.4p 5.9p Supplemental dividend per share declared
Net debt £128.0m £203.3m £161.4m Gearing 37.6% 59.2% 44.4%
(1) After payment of supplemental dividend (£10.0 million/8p per share) – declared for FY2016 and paid in June 2016. (2) The development portfolio is reported at the lower of cost and net realisable value at the end of August; a full EPRA NAV will be reported at the end of the financial year to value the development and trading assets at fair value.
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272 3.5 8.0 6.3 8.5 3.3 0.1 1.1 2.6 9.2 291 279.5 265 270 275 280 285 290 295
EPRA NAV Feb 2016 Final dividend FY2016 Supplemental dividend FY2016 Adjusted EPRA NAV Investment portfolio contribution Property revaluations Development & trading contribution Operating costs Net interest costs Taxation Other EPRA NAV Aug 2016
MOVEMENT IN EPRA NAV THROUGH THE PERIOD
NOTE: Development and trading assets not revalued, held at lower of book cost or net realisable value.
Pence per share Valuation reduced by 4.6% on a like for like basis
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27 46 51 11.5 11
10 20 30 40 50 60 70 80 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Realised gains (H1) Realised gains (H2) Expected gains
42 72
Previous guidance (April 2016)
35-40
Revised guidance (October 2016)
ANTICIPATED GAINS TO FY2019
Full year guidance reassessed to a range (to allow for impact of uncertain market trading conditions)
£155 - £175m
3 - 5 year target
+ £50m plus pa + 12% post-tax total return*
*Total returns: the growth in our basic net asset value including dividends 63
£m
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65-70 55-65
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OUTLOOK FOR FY2017: DEVELOPMENT AND TRADING GAINS
Projec roject t name me
Previ Previous(1) FY17 Forec recast(2) FY17 Realised H1 H1/1 /17 Forec recast(2) H2 H2/1 /17 Prof Profit t tr trigger
12 Hammersmith Grove £10m – – –
Letting: 90% of office space, impacted by EU referendum (FY2018)
Dublin: The Vertium Building – £4-5m – £4-5m
Entire building under offer (Oct-16) triggering profit payment entitlement
Other £7m £5-6m £3m £2-3m
Percy Place (sold); Beacon & Nutgrove (sold); Robswall (sell remaining units); Pembroke Road (sale of consented site)
Maidstone £4m £2-4m £2-4m
Exchange of contracts (Phase 1); secure planning and sell Phase 2 (BTR)
Ashford (Powergen site) £3m £4m £4m –
Site disposal completed
The Old Vinyl Factory £3m – – –
Secure planning and sell consented residential site; funding and letting of Record Store building (FY2018)
Birmingham International Park £2m £8m – £8m
Planning secured, contracts exchanged, completion subject to JR only (Nov-16)
Norwich £2m – – –
Sale of consented site marketing commenced, impacted by EU referendum (FY2018)
Woking £2m £2-6m £2m £0-4m
Secure planning and sell
Other (8 projects) £9m £8m £2.5m £5.5m Guidance £42m £35 - 40m £11.5m £23.5 - 28.5m
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(1) Previous guidance (April 2016) (2) Revised guidance (October 2016)
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DEBT FINANCE HY2017 £m FY2016 FY2016 £m £m Gross debt 177.3 213.3 Cash (49.3) (51.8) Net debt 128.0 161.5 Gearing 37.6% 44.4% Share of net debt in joint ventures 44.1 43.6 Net debt including joint ventures 172.1 205.1 Gearing including joint ventures 50.5% 56.4% Analysis of gross debt (excluding JVs) Fixed rate 41.7% 35.1% Capped / SWAP 37.8% 30.1% Floating rate 20.5% 34.8% Weighted average interest rate 5.0% 4.9% Weighted average maturity 4.8 years 4.5 years
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DEBT MATURITY PROFILE
40.0 27.9* 8.7 2.5 69.5 8.3 22.7
10 20 30 40 50 60 70 80 10 20 30 40 50 60 70 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Corporate Drawn - Investment Drawn - Development
31.4
*Terms of refinance agreed
£m £m
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** On Balance Sheet
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IMPROVING BUSINESS EFFICIENCY
Overhead Analysis HY2017 £m Core recurring overhead(1) LTIP charge Close down historic tax structuring 9.5 0.8 0.4 10.7 Efficiency Gains FY2018 £m Reduction in recurring overhead(1) Platform management fees Offsetting costs Net management fees(2) 1.0 1.9 (0.9) 1.0 2.0
(1) Targeting a 5% reduction in FY2018 (2) Across specialist platforms
+ Reduction in recurring overhead (from FY2018) + Additional revenue – net management fees from specialist platforms and major schemes
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FINANCIAL HIGHLIGHTS
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FE FEWE WER, R, LAR LARGER R PROJE JECT CTS To drive better returns
+ 4 major projects signed with a GDV of over £1.5bn – potential to realise U+I profits in excess of £90m from FY2020 + Mayfield; 8 Albert Embankment, Cockpit Yard, Westminster Industrial Estate + Increasing profit per project over 5 year period
REPOSITIONING INVESTMENT PORTFOLIO Align to core regeneration theme
+ Early progress to build a regeneration focussed portfolio targeting 10% net IRR + £17m of assets sold during the year plus a further c£125-140m of identified disposals in the short to medium-term
SPECIALIST PLATFORMS To improve returns, efficiency and delivery options for our projects
+ Re-evaluating opportunities to create off-balance sheet Build to Rent
platform + JV signed to secure income producing assets in London City Region + Options to leverage expertise in office in core markets
ON TRACK WITH STRATEGIC INITIATIVES
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U+I BUSINESS MODEL
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RETAINED ASSETS
DEVELOPMENT LAND DISPOSAL
PLANNING
Main Value Driver
PRACTICAL COMPLETION PIPELINE PPP WAREHOUSE TRADING
RETAIL / LEISURE COMMUNITY ASSETS BUILD TO SELL OFFICE BUILD TO RENT STUDENT
CONSTRUCTION DISPOSED ASSETS
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Scheme me Reg Region Acq Acqn Dat Date GDV GDV Max U+I U+I Equity Profi fit Ran Range Time mefra frame me Planning App Application Scheme me details
Mayfield Quarter
Manchester Sept 2016 £850m £20m £40 - 60m FY2020-2024 Mid 2017 PPP mixed-use regeneration project (24 acres); 1,300 residential units; 800k sqft
funding soft costs.
8 Albert Embankment
London City Region August 2016 £380m £10m £25 - 35m FY2021-2022 Mid 2017 PPP mixed-use regeneration project (2.5 acres); 265 residential units, hotel, 70k sqft
shared with ultimate long-term funding partner.
Cockpit Yard, Holborn
London City Region October 2016 £105m £4m £10 - 12m FY2022 End 2017 PPP mixed-use regeneration project; 100 residential apartments; new library and arts facility in Holborn area.
Morden Wharf, Greenwich
London City Region March 2012 £605m £13m £15 - 20m FY2019-2021 Mid 2018 Mixed-use regeneration project (19 acre); c1,200-1,500 residential units plus c300k sqft other uses; U+I has a Leasehold interest; Development Agreement with the Freeholder.
Westminster Industrial Estate, Charlton*
London City Region October 2016 £175m £8m £10 - 13m FY2021 End 2017 Mixed-use regeneration project (5.4 acre); Partnership with Royal London, JV with Galliard Homes; 400 residential apartments and associated creative floor space.
Preston Barracks, Brighton
London City Region July 2014 £150m £8m £10 - 12m FY2020-2021 Mid 2017 Mixed-use regeneration project (5 acres); JV with University of Brighton; 400 residential units, 50k sqft offices, 500 student beds and ancillary retail.
Circus Street, Brighton
London City Region April 2008 £120m £10m £8 - 10m FY2018-2020 Secured PPP mixed-use regeneration project (2.2 acres) in Brighton City centre; 142 residential units, 30,000 sqft of Office space, 450 student bed accommodation, 10,000sqft of ancillary retail space and community assets.
Lichfield Town Centre
Midlands July 2011 £80m £7m £4 - 5m FY2019 Secured PPP mixed-use regeneration project (2.8 acres); local Authority partnership to provide a new town centre in Lichfield; retail, leisure, residential, car park. £2.5bn £80m £122 - 167m * This is a private-private partnership very similar to PPP due to the structure of the scheme
DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS
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DEVELOPMENT PIPELINE: PRINCIPAL TRADING SCHEMES
Scheme me Reg Region Acq Acqn Dat Date GDV GDV Max U+I U+I Equity Profi fit Ran Range Time mefra frame me Planning App Application Scheme me details
12 Hammersmith Grove
London City Region Nov 2010 £120m
FY2018 Secured 170k sqft NIA offices with ancillary restaurant adjacent to Hammersmith tube; Forward funded with Aberdeen; profit share based on waterfall calculation with rent and yield variable; balancing payment trigger is PC+2yrs or 90% let on office NIA.
Blackhorse Road
London City Region Aug 2016 £125m £10m £7 - £10m FY2018-2021 March 2017 3 acre site with potential for 345 homes and commercial space; U+I act as DM; fixed land price post planning with added value shared 50/50.
Victoria Way Ashford, Kent
London City Region Nov 2015 £12m £1m £3 - £4m FY2018 July 2016 U+I exchanged contracts with HCA to acquire 2 sites opposite Ashford International Station; proposed development will consist of an 18,000 sqft Aldi, Curious Brew Brewery, 120 bed hotel, 216 apartments and ancillary retail/workshop uses; exit by land disposals.
Maidstone, Kent London City
Region Dec 2015 £12m £6m £4m FY2017 October 2016 4.9 acres site comprising 2 phases; Phase 1 consent for 192 residential units; Phase 2 will comprise 310 units, including 220 PRS units; exit by land disposals.
Kensington Church Street
London City Region March 2011 £300m £8m £5-10m FY2018-2020 March 2017 Planning targeted on appeal; 46 resi units, 40k sqft offices, 30k sqft retail. £569m £25m £27 - 40m
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DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS
MAYFIELD, MANCHESTER PRESTON BARRACKS, BRIGHTON COCKPIT YARD MORDEN WHARF 8 ALBERT EMBANKMENT WESTMINSTER INDUSTRIAL ESTATE CIRCUS STREET, BRIGHTON LICHFIELD 05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
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+ £850m urban regeneration with the Mayfield Partnership (Manchester City Council, Transport for Greater Manchester & LCR) + Competitive bid process; + £5m initial equity investment rising to £20m + Develop a mixed-use community on 24-acre site adjacent to Piccadilly Station (1,300 homes and hotel with office, leisure and retail space) + Planning submissions: Q3 2017 NEW PROJECTS: MAYFIELD – MANCHESTER (appointed September 2016)
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NEW PROJECTS: LONDON CITY REGION (appointed March - October 2016)
WESTMINSTER INDUSTRIAL ESTATE, CHARLTON COCKPIT YARD, HOLBORN 8 ALBERT EMBANKMENT
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EXISTING PORTFOLIO
21 ASSETS £191m*
OPTIMISE
ASSETS: SWANLEY & KILLINGWORTH
DISPOSE
14 ASSETS
FUTURE PORTFOLIO Regeneration
INITIAL ASSETS: CHARLTON RIVERSIDE, DEPTFORD, HARWELL, SIDCUP, WOOD GREEN
INVESTMENT PORTFOLIO: OVERVIEW
2-4 years to transition
*Valuation as at 31 August 2016 (includes JV stakes)
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INVESTMENT PORTFOLIO: TOP FIVE ASSETS
Projec Project name me* Overvi Overview Ke Key stati tatisti tics* The Furlong Shopping Centre, Ringwood
85,000 sqft retail centre anchored by Waitrose Key tenants: AGA; Crew Clothing; Fat Face; Gerry Weber; Holland & Barrett; Jaeger; Jones Bootmaker; Joules; Hobbs; Phase Eight; Paperchase; Waterstones Valuation: £25m - £35m Valuation change: ↓ Running yield: 6.1% WAULT: 5.3 years ERV growth: 0.5% Top Zone A rent: £75
The Killingworth Centre, Newcastle
Retail centre anchored by Morrisons (not owned) Key tenants: Matalan; 28 further retail units (including Wilkinsons, Poundworld, Card Factory, McDonalds, Specsavers, Betfred) Valuation: £15m - £25m Valuation change: ↓ Running yield: 8.1% WAULT: 2.4 years ERV growth: 3.1% Top Zone A rent: £35
Borough Parade, Chippenham
Retail centre anchored by Waitrose Key tenants: Argos; Café Nero; New Look; Patisserie Valerie; Waterstones Valuation: £15m - £25m Valuation change: ↓ Running yield: 7.6% WAULT: 4.5 years ERV growth: 2.4% Top Zone A rent: £53
Kingsland Shopping Centre, Thatcham
Retail centre anchored by Waitrose Key tenants: Costa Coffee; Lloyds Pharmacy Valuation: £15m - £25m Valuation change: ↔ Running yield: 5.6% WAULT: 10.6 years ERV growth: 0% Top Zone A rent: £40
Crown Glass Shopping Centre, Nailsea
Retail centre anchored by Waitrose (not owned) Key tenants: Boots; Costa Coffee; HSBC; JD Wetherspoon; Poundland; WHSmith Valuation: £5m - £15m Valuation change: ↓ Running yield: 7.7% WAULT: 5.6 years ERV growth: 2.6% Top Zone A rent: £42 *Valuation change – movement from end February to end August 2016 (includes capital expenditure): ↑↓(over 2% increase/decrease) ↔ (under 2% increase/decrease) *ERV growth (August 2015/August 2016)
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INVESTMENT PORTFOLIO: OPTIMISE KILLINGWORTH CENTRE + Potential to optimise retail space: by splitting the existing Matalan unit + Successfully agreed lease re-structures with tenants to improve rental tone + Secured planning consent to develop two new units in the car park; under construction SWANLEY SHOPPING CENTRE + Planning permission submitted to develop residential units with retail and restaurant space on excess car park area + Tenant mix enhanced with food and beverage offering improved + Residential areas refurbished with full occupancy maintained throughout
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INVESTMENT PORTFOLIO: REGENERATION
WOOD GREEN CHARLTON RIVERSIDE SIDCUP HARWELL CAMPUS THE DEPTFORD PROJECT 05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
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U+I BUSINESS MODEL
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SECURED SPECIALIST PLATFORMS POTENTIAL SPECIALIST PLATFORMS
RETAINED ASSETS
DEVELOPMENT LAND DISPOSAL
PLANNING
Main Value Driver
PRACTICAL COMPLETION PIPELINE PPP WAREHOUSE TRADING
RETAIL / LEISURE COMMUNITY ASSETS BUILD TO SELL OFFICE BUILD TO RENT STUDENT
CONSTRUCTION DISPOSED ASSETS
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U+I +I POSITIONED D AS AS A A LE LEADI ADING RE REGENERA RATION DE DEVE VELOPER Regeneration expertise endorsed by selection as development partner at Cockpit Yard, 8 Albert Embankment and Mayfield (PPP) and Westminster Industrial Estate CONTINUED FOCUS ON STRATEGIC INITIATIVES Focus on fewer, larger mixed-use regeneration projects Repositioning investment portfolio to align to Group’s focus on regeneration Creating specialist platforms for growth and efficiency DELIVER SUSTAINABLE SHAREHOLDER RETURNS New projects add over £1.5bn GDV to development and trading pipeline and £90m of potential profit beyond FY2020 (in line with stated equity metrics) to deliver target post-tax return of 12% over 3-5 years SUMMARY
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PRINCIPAL RISKS
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DIVIDEND POLICY: GREATER VISIBILITY ON SHAREHOLDER RETURNS
DEVELOPMENT + TRADING GAINS CASH PROFIT NET FREE CASH FLOW
NET FINANCE COST ORDINARY DIVIDENDS OVERHEAD SHORTFALL CORPORATION TAX
REINVEST REDUCE DEBT RETURN CAPITAL
Ordinary dividend: Fixed + recurring Supplemental dividend: Paid from net free cash flow – proportion intended to be broadly similar to the proportion paid in April 2015 (48%)/June 2016 (46%) Announced alongside FY results
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A BALANCED APPROACH TO DEVELOPMENT AND TRADING
MIXED IXED-USE SE REG REGEN ENERA ERATIO TION −PPP PROJECTS AND LARGER MIXED-USE PROJECTS (2-5 YEARS) −MAX £20m EQUITY IN ANY ONE PROJECT BUT HIGH UPSIDE POTENTIAL IN ALL −PLANNING GAIN IS KEY VALUE DRIVER −PROJECTS DE-RISKED VIA FORWARD FUNDING OR PRE-SALES −EQUITY MULTIPLE 2.0X – 5.0X TRAD TRADING ING −SHORT-TERM PROFIT FLOWS (1-3 YEARS) −PLANNING GAIN IS OFTEN KEY −ARBITRAGE/MISPRICING OPPORTUNITIES −IRR OF >30% −EQUITY MULTIPLE 1.5X
PROJECT DELIVERY TIME GAINS
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CONTRIBUTION TO NAV GROWTH
£’m Cash-related in the year £’m Non cash-related in the year £’m Net assets attributable to shareholders at 28 Feb 2016 363.3 Contribution from investment property 3.4 3.4 Property revaluations (includes share of JVs) (7.9) (7.9) Contribution from development and trading portfolio 11.5 11.5 Operating costs (10.7) (10.7) Net interest costs (4.2) (4.2) Swap revaluations 0.2 0.2 Foreign currency movements (0.5) (0.5) Other 0.4 (0.4) Taxation (0.6) (0.6) Dividends (14.4) (14.4) Sub-total (22.8) (15.1) (7.7) Net assets attributable to shareholders at 31 Aug 2016 340.5
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NET DEBT , NET ASSETS AND GEARING
£m
304.5 306.7 312.6 320.3 335.5 346.4 342.9 363.3 340.5 147.1 146.8 143.0 153.8 150.7 125.7 203.3 161.4 128
0% 10% 20% 30% 40% 50% 60% 70% 50 100 150 200 250 300 350 400 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Feb-15 Aug-15 Feb-16 Aug-16 Net assets (LHS) Net debt (LHS) Gearing excl JVs (RHS)
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*on Balance Sheet
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Scheme me Reg Region Acq Acqn Dat Date GDV GDV Res Resi rate (p (per sq sqft) ft) Offi Office rent (p (per sq sqft) ft) Ret Retail Rat Rate (p (per sq sqft) ft)
Mayfield Quarter
Manchester Sept 2016 £850m £450 £28
8 Albert Embankment
London City Region August 2016 £380m £1500-1700 £52 £30
Cockpit Yard Holborn
London City Region October 2016 £105m £1500 N/A £50
Morden Wharf Greenwich
London City Region March 2012 £605m £600-800 £30 £20
Westminster Industrial Estate, Charlton*
London City Region October 2016 £175m £650 £15 N/A
Preston Barracks, Brighton
London City Region July 2014 £150m £450 £20 £25
Circus Street, Brighton
London City Region April 2008 £120m £550 £30 £30
Lichfield Town Centre Midlands
July 2011 £80m £300 N/A £30 £2.5bn * This is a private-private partnership very similar to PPP due to the structure of the scheme
DEVELOPMENT PIPELINE: MAJOR PPP PROJECTS
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Scheme me Reg Region Acq Acqn Dat Date GDV GDV Res Resi rate (p (per sq sqft) ft) Offi Office rent (p (per sq sqft) ft) Ret Retail Rat Rate (p (per sq sqft) ft)
12 Hammersmith Grove
London City Region Nov 2010 £120m N/A £52.50 £30
Blackhorse Road
London City Region Aug 2016 £125m £600 N/A N/A
Victoria Way Ashford, Kent
London City Region Nov 2015 £12m £300 N/A N/A
Maidstone, Kent
London City Region Dec 2015 £12m £340 N/A N/A
Kensington Church Street*
London City Region March 2011 £300m £569m
DEVELOPMENT PIPELINE: PRINCIPAL TRADING SCHEMES
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* Commercially sensitive due to planning process
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INVESTMENT PORTFOLIO: ANALYSIS
Type % of Portfolio (by value) Contracted Rent % of Portfolio Let ERV Vacant ERV WAULT Future Portfolio 14.6% £1.84m 12.4% £1.39m £0.54m 4.44 Optimise 17.4% £2.83m 19.07% £2.87m £0.15m 4.54 Disposal 68.0% £10.19m 68.58% £10.52m £0.29m 6.78 100% £14.86m 100% £14.77m £0.97m 6.07
05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
46
05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
47
AFFORDABILITY OF HOUSING IN LONDON
Source: Capital Economics
05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
48
AFFORDABILITY OF HOUSING IN LONDON
05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
Source: Capital Economics
49
AFFORDABILITY OF HOUSING IN LONDON
Source: Capital Economics
05/13 – FINANCIAL RESULTS 14/31 – STRATEGIC UPDATE 32/33 – SUMMARY 34/55 – APPENDICES 03/04 – OVERVIEW AND HIGHLIGHTS
50
DISCLAIMER
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