The group has capitalised on the strength of the Swedish market and disposed of its direct property investment there, achieving an 11% uplift since the June 15 valuation. The £48.9m consideration was above our £48.1m estimate for the full year helping to underpin our valuation assumptions for FY15E and FY16E. The weakness of the shares we believe is unjustified given the strength of the income stream and that valuations are not stretched with the portfolio valued on a NIY of 6.1%
