JDC TECHNICAL EVALUATION REPORT

Subject: The Repeat Seller

Reference: UID6059

Market Authority: London & International Markets

Case Ref: L-RECYCL-66

Date: 20th April 2026

Status: COMMENTARY

Case Summary (Tier 4):

66% of all transacted reserves since 2015 come from the same sellers, signaling a shift toward strategic capital recycling.

Case Detail (Tier 5):

The Anchor Deal: Data analysis provided by Aon Group (April ’26) regarding market transaction trends.

Reserve Volume: N/A

Operational Finality: Two-thirds (66%) of transacted reserves are now driven by repeat sellers.

Efficiency Metric: The market has moved from one-off disposals to strategic, recurring capital recycling.

Additional Comment:

N/A