Living sector update

Our Living team have been working on a pipeline of projects throughout the second quarter, including the sale of our BTR scheme in Gdansk and exploring new student housing investment opportunities in Italy.

The team have been working on the sale of the 105-unit build-to-rent scheme in Gdansk, Poland. Completed and fully let in 2022, the team has been operating the asset effectively over the last 18 months. The project can now demonstrably prove net income performance and is now well positioned for sale with potential buyers, which we expect will be later this year.

Expansion into new European markets continues with the team exploring opportunities to invest in student housing projects in Italy. Italy has been selected based on several metrics that place it as one of Europe's most attractive student housing markets. The country possesses the fourth-largest student population in Europe. It is the third-best European country in terms of global university rankings, yet it has one of the continent's lowest private bed provision rates.

The team in Ireland has closed out the green finance status for the senior loan agreement, which includes EU Taxonomy Directive compliance and LEED Gold certification. Meanwhile, Progress is going very well on site for the construction of Belmayne in Ireland with the completion of the fourth floor of the first block and is fully topped out for Core 6. The sample apartment, complete with façade finishes, roof waterproofing and internal finishes, kitchens etc being snagged and ready for sign-off this quarter.