Portfolio Valuation

The Fund’s portfolio is geographically diversified across 42 markets in 12 European countries. The following charts show the total portfolio’s geographical distribution based on the market value of 536 properties owned by the Fund as at 30 September 2020, in terms of allocations by country and region.

In Q3 2020, capital values increased. Excluding the effect of currency movements and transactions, the Fund's portfolio value increased by 2.5% during this quarter.

Third Quarter Operating Results

Operating portfolio occupancy decreased to 96.5%. Total leasing activity covered over 610,000 SQM.

Occupancy by Region

Expiries/Next Lease Breaks – Annualised Ending Base Rent (AEBR)

The Fund has a diversified customer base, which consists of 887 leases.

• No one customer comprises more than 4.7% of the total annualised ending base rent.

• In total, the top 10 customers account for only 23.5% of the total annualised ending base rent of the Fund.

The following table lists the top 10 customers and their share of the total annualised ending base rent of the Fund.