We made no new investments in the reporting year. Our current investments are operational properties (i.e. those requiring no development or build at the point of investment).
Regarding currently held properties, the ESG "picture" was assessed pre-investment and risk factors and/or associated costs were factored into our models (we update these through the life of an investment). Where possible, our property managers will seek to enhance the ESG profile of a property, but are more likely to seek to maintain it at the level understood at purchase.
Regarding redevelopments and new builds (none currently in portfolio), ambitious targets will be set and our property manager has demonstrated efficacy in producing and upgrading ratings for properties in their own portfolio.