Key Points. Mucklow’s interims show a steady performance with rental income up 4.2% driven by lease renewals, rent reviews, and a noteworthy fall in the vacancy rate to another record low of 2.4% (Jun 18: 2.8%). As a result, underlying PBT increased 6.3% YoY with growth of c.5% at the EPS level. Of significance, EPRA NAV grew by 2.3% (ahead of our expectations) to 572p (Jun 18: 559p) driven by a £8.7m revaluation gain (H1 18: £14.1m) demonstrating ongoing demand for industri
