Risk management

Portfolio diversification across local economic and property sectors is sought by investing in a range of property types and across a number of regions throughout France and Spain.
Currency risk on original equity and dividend on that equity has been substantially hedged out to 2013 through currency swaps (approximately £109 million hedged)
Interest rates on the total debt balance of the portfolio have been fixed until 2015 (91% of debt) and 2013 (9% of debt) at a weighted average interest rate of 5.26%.