Elite UK REIT - Phillip Securities Research 2026-05-26: DWP’s Operationally Critical Landlord

• We visited six of Elite UK REIT's assets across London, Kent, and Cardiff that comprised 4 jobcentres (Broadway House Ealing, Peckham Jobcentre, Oates House Stratford, Nutwood House Canterbury), one asset leased to Secretary of State for Communities & Local Government (Priory Court Dover), and another vacant asset that is currently being repositioned into a purpose-built student accommodation (Cambria House Cardiff).

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Introduction

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• Elite UK REIT recently signed new leases with DWP on Feb26, which secured CPI-linked rents (floored at 1%, capped at 5% per annum) that will commence on Apr28. The re-gear will also provide DWP the option to renew:

  1. a further five years, for new leases of five years or more from 1 April 2028; and
  2. a further 3 years, for new leases of 3 years or less from 1 April 2028

• DWP operates Jobcentre Plus, a government-funded employment agency and social security office, which aims to help people of working age find employment in the UK. Jobcentre Plus provides training opportunities and resources to enable job-searchers to find work, through

• 1. Jobpoints (touch-screen computer terminals at the office that can be used to apply for jobs, particularly for jobseekers without internet access at home)
  2. Jobseeker Direct (telephone service) and
  3. Jobcentre Plus website

  . DWP also administers claims for benefits such as Income Support, Incapacity Benefit, Universal Credit (UC), Jobseeker’s Allowance, and Employment Support Allowance.

DWP Estate

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Hashim Osman Phillip Securities Research | https://www.poems.com.sg/ 2026-05-26

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