Elliot Blatt, investment manager at ASK:

"In an inflationary environment, the risks of backing a construction project are greater, making properties that are ripe for refurbishment an attractive proposition. Where yields are tight, underwriting assets with a value-add proposition enables investors to seek higher returns and for the quality of the asset to increase during the loan term. This is an opportunity for developers and lenders to contribute to the environmental improvement of our real estate and the vitality of our high streets."