Upon review, the board has opted to retain the existing external management team. There are some structural changes, but none which impact ULR’s investment strategy. This secures continuity with the team which has originated and grown a £1.1bn+ portfolio of small/mid-box assets, which continue to perform. There will be a small reduction in the investment adviser fee from FY25e onwards. Trading at a ~35% discount to our EPRA NTA, we see value given the quality of the income stream from non-cyclic ....
