United Kingdom

Valuations as at 31 December 2023
(1) Property under development via a forward-funding scheme. The independent valuation for this investment property was carried out using the comparative and investment methods, of which the gross development value (assuming practical completion) was derived using the investment method. In determining the fair value of the property under development as at 31 December 2023, the total estimated outstanding capital expenditure and a 5% contingency was deducted from this gross development value.