Member profile

Brixton PLC

The company is the leading specialist owner of industrial and warehousing space in the UK with over 90% of its portfolio in the South East. Brixton’s business model is based around growing income from a satisfied base of occupiers who have unrivalled choice and customer service through its B-Serv subsidiary.

Market capitalisation

£1.14bn (as at 6.7.07)

Property portfolio

100% of the portfolio is industrial and warehousing and Brixton is the largest property company in the UK operating purely in this sector. The company owns and/or manages more than 18m sq ft in more than 1,200 units (Brixton’s share now worth approximately £2.1bn*) in more than 80 locations.

75% of the portfolio is based in Greater London, 17% in the rest of the South East, and 7% in Trafford Park, Manchester. There is a strong portfolio focus on West London and Heathrow (just under 10m sq ft of the portfolio) with 6 development schemes totalling 1.44m sq ft either completing, under construction or commencing during 2007. Among these projects is the 241,000-sq ft X2 scheme next to London’s Heathrow Airport which will create the first multi-storey warehouse development outside of Asia when it completes late 2007/early 2008.

* December 2006 values

Plans to launch a REIT?

Converted to REIT status on January 1, 2007.

Reason for joining The REITs and Quoted Property Group

To promote the benefits of REITs as a new tax-efficient way of investing in property to private investors and financial advisers. To attract new investors and capital to the property sector.

Additional information

"Brixton's ability to deliver outperformance is demonstrated by its 2006 results:

• Rental growth outperformance: exceeded IPD UK Annual Industrial Index by a factor of nearly 3 times. On new    lettings, the 9.2% enhancement was 7 times the benchmark level.

• Strategic portfolio sales of around £560m including the completion of the Industrious disposals which, in total, created £70m worth of surplus value and total returns of 33% in 15 months.

• Good letting volumes: 1.269m sq ft let in 2006

• Valuation surplus: 12.3% (IPD: 11.3%).

• Adjusted Net Asset Value (NAV) growth of 10.3% (13.6% excluding REIT conversion charge)

• Unbroken record of increasing dividend over 39 years.

The company's customer service subsidiary, B-Serv, manages all space under direct ownership or in Brixton's joint ventures. B-Serv's active management approach creates cost-effective and efficient working environments for customers. In the 2006 annual survey, customer satisfaction levels with B-Serv service were at 84%.

NB. All figures quoted here taken from Brixton plc's 2006 Annual Report and Accounts

Find out more

www.brixton.plc.uk

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