Without bothering to do any checking my impression is that the...

Without bothering to do any checking my impression is that the 2018 rent review can only deliver a maximum 10% increase which I would think is guaranteed barring something totally unexpected. Assuming the gap between the post review rents and open market numbers is substantial ALE will have to wait until 2028 for a big leg up. In the long term I think this is a very safe investment with the possibility of another bid from Caledonian, ALH or both at some point.