The Fund’s objective is to deliver secure medium to long term returns with a rising income stream from a diversified portfolio of properties let to high quality tenants in strong locations across the UK. It typically maintains weighted average unexpired lease term of approximately 25 years and a weighted average investment grade credit rating. With the majority of leases providing regular contracted increases in rental income linked to the Retail Price Index (usually with a cap and floor) and the remainder having regular fixed uplifts. The Fund’s tenants are responsible for all outgoings, maintenance and capital expenditure for the entire term of the lease. The Fund utilises the extensive resources of M&G’s fixed income division to undertake credit analysis and of M&G Real Estate, its property division, to source and manage its assets.