Tenant engagement remains a central element of our decarbonisation journey. With more than 99% of our emissions linked to tenant energy use, better visibility of consumption patterns is helping us identify where engagement is most relevant.

The majority of our occupiers are small businesses, for whom sustainability may not be a primary driver, however, energy efficiency and cost are material considerations.

As a result, our engagement approach must remain balanced, commercially realistic and tailored to the diverse needs and profiles of our occupier base.

Developing a more structured approach to engagement

During the past financial year, we strengthened our understanding of tenant energy use through a portfolio-wide review. Because we procure energy for a large proportion of our tenants, we have strong visibility over consumption patterns, which has helped us more clearly identify higher emitting tenants. For those tenants whose energy we do not procure, we have initiated a programme to build a clearer picture of their energy demand, ensuring possible future engagement reflects the full range of tenant profiles across the portfolio.

As part of this work, we have also started to map different types of engagement, ranging from sharing practical operational guidance to identifying efficiency opportunities that align with building improvements. Our ability to directly influence tenant behaviour remains limited, but improved data is helping us focus our efforts where they are most likely to have impact. Building on this analysis, our priority for the year ahead is to develop asset-level decarbonisation roadmaps for our highest-emitting properties, using improved energy data visibility to inform targeted engagement and investment planning.

Building tenant insight into operational planning

We continue to integrate tenant perspectives into the planning and delivery of our energy and decarbonisation projects. Efficiency measures such as LED upgrades, PV installations, and EV charging expansions are progressed with input from tenants and site teams, ensuring improvements reflect how spaces are used day-to-day. In turn, these insights help us prioritise investment, shape future engagement and identify where additional support may be required to help tenants manage their own environmental impact. EV charging infrastructure continued to expand across both markets in response to growing occupier demand. In Germany, EV charging provision increased by 94 to a total of 284 charging points across more than 75% of the portfolio. In the UK, provision expanded from 22 to 32 sites, with four scheduled to complete post year end.

Enhancing insights from tenant surveys

The 2026 tenant engagement survey, finalised in March 2026, builds on improvements introduced to provide clearer, more consistent ESG-related insights across the portfolio. Early findings indicate that tenants continue to prioritise areas such as efficiency improvements, renewable energy, and waste management services.

While full results from the survey are still being analysed, actions informed by the FY2024/25 survey have been implemented across both geographies during the year.

In the UK, deep-dive sessions helped translate tenant priorities into building and service updates, with EPC performance remaining a particular area of interest for many SME tenants. In Germany, a programme of asset and operational improvements initiated following a leadership workshop in May 2025 continued across selected sites throughout the year and into the new financial year. Efforts included improving LED lighting, upgrading waste management facilities, expanding bicycle parking provision and refurbishing common areas. The programme has been supported by allocated funding and reflects the Group’s ongoing commitment to embedding tenant insights into operational decision-making.

Building long-term collaborative relationships

While influencing tenant energy use and emissions remains inherently challenging, our work over the past year shows that improved data, careful engagement, and practical operational improvements can support steady progress. As we refine our approach and develop tools to help tenants navigate a changing regulatory and energy landscape, our focus will remain on proportionate, commercially grounded engagement that reflects the diversity of our occupier base.