Now we'll look at the PE institutional returns. This is going to be a combination of the return on the preference share where the private equity firm has made the bulk of their investment as well as their stake in the common equity. So the first thing we'll do is we'll go up and we will link to the investment amounts for the preference share and for the common equity investment. The preference share investment was set at 622.2 and the common equity investment was at 10.0. We're going to hold off still on this common dividends. That's gonna be a result of the sale leaseback, which we will get to at the end. And then we'll take a look back at how that has impacted this institutional return at the very end. So the first thing we're going to do is link to the preference share value in each year and that's going to be equal to the opposite of what's showing in our equity value bridge above. The equity value is going to be equal to the negotiated ownership stake at exit, which is 85.5% for the institutions times the equity value is calculated above, and we'll skip over the common dividends. And so the institution cash flows are gonna be linked to the exit year that we are in. So that's gonna be equal to if the exit year anchored is equal to the year that we are in in our year count, then we want the sum of these two cash flows. If not, zero. And again, I will deal with the dividend in a moment. So I should be able to copy these across as well.

And we get a return in year four. Now we need to tally up the initial investment, the initial outflow for the private equity sponsor. And that's just going to be equal to the opposite of the sum of the preference share and the common equity times the entry percentage of 631.2. And again, that is the entire preference stake and 90% on entry of the 10 million common stake. So now we can see what the IRR will be to the institutions.

And we're showing a 19% return and we'll see how that changes once we add the dividend from the sale lease back.