Publication Licence
Last updated: 16 August 2026
1. Licensor
This licence is granted by Assetreal Limited, registered in Scotland under company number SC291082. Its registered office is at 111 West George Street, Glasgow G2 1QX.
Email: enquiries@assetreal.co.
2. Application and definitions
This licence applies to each Assetreal publication supplied under an individual professional licence or on other terms expressly incorporating this licence.
The publication, including its text, analysis, tables, charts, graphics, design and accompanying material, is referred to as the “Publication.”
The business, organisation or professional practice identified in the licence request, payment instructions or invoice is referred to as the “Purchaser.”
The individual identified in the licence request and personalised copy as the authorised user is referred to as the “Named Licensed User.”
The Purchaser accepts this licence when it accepts the applicable Terms of Use and Sale and completes payment for the Publication.
The Purchaser must ensure that the Named Licensed User is provided with this licence and complies with it. The Named Licensed User may open, retain or use the Publication only in accordance with these terms.
This licence applies irrespective of whether the Publication is supplied by secure electronic download, sent directly by email, or provided through another appropriate electronic delivery method.
3. Ownership
Copyright and all other intellectual-property rights in the Publication remain with Assetreal Limited and, where applicable, the identified author or other rights holder.
Payment purchases permission for the Named Licensed User to use the Publication under this licence. It does not transfer ownership of:
copyright;
source materials;
analytical models;
working papers;
research files;
underlying data rights; or
any other intellectual property.
4. Individual professional licence grant
Subject to cleared payment and compliance with this licence, Assetreal grants the Named Licensed User a limited, non-exclusive and non-transferable licence to use the Publication for that individual’s own professional work.
The licence permits use by one named individual only.
Payment by an employer, organisation or other Purchaser does not grant access or usage rights to that organisation, its employees or any other person beyond the Named Licensed User.
The licence does not extend to:
the Purchaser generally;
the Named Licensed User’s employer;
colleagues;
clients;
advisers;
contractors;
affiliates;
investment or advisory teams; or
any other member of an organisation.
5. Permitted use
The Named Licensed User may:
retain the Publication on devices personally used by that individual;
create reasonable backup copies for that individual’s own use;
print reasonable copies for that individual’s own use;
highlight, annotate and add private notes;
use artificial-intelligence or automated tools for private analysis, summarisation or interrogation of the Publication where permitted under section 8;
refer to the Publication when conducting the Named Licensed User’s own analysis or professional work;
discuss its general themes or conclusions in the ordinary course of professional work, provided that the Publication or substantial extracts are not shared; and
quote limited extracts where reasonably necessary, provided that Assetreal, the Publication and the author are clearly acknowledged and the quotation does not substitute for purchasing or reading the Publication.
Permitted use remains subject to any rights and exceptions that cannot lawfully be restricted.
6. Prohibited sharing and distribution
Unless Assetreal has provided prior written permission or a separate organisational licence, neither the Purchaser nor the Named Licensed User may:
give, lend, forward, email, transmit or otherwise share the Publication with another person;
circulate the Publication within a company, partnership, fund, advisory firm, university or other organisation;
make the Publication available to colleagues, clients, investors, students, members, subscribers, advisers or contractors;
upload it to a shared drive, intranet, virtual data room, document-management system, research platform, library, repository or collaboration service;
publish or post it, in whole or in part, on a website, social-media platform, messaging service or public or private online group;
resell, sublicense, rent, lend or commercially distribute it;
allow another person to access or use the personalised copy; or
create or circulate an unmarked copy from the personalised Publication.
7. Prohibited reproduction and adaptation
Neither the Purchaser nor the Named Licensed User may:
reproduce, republish or distribute the whole or a substantial part of the Publication;
extract tables, charts, graphics, text or datasets for systematic reuse or redistribution;
remove, obscure or alter copyright, authorship, licence, purchaser, named-user, order-reference, attribution or disclaimer notices;
translate, adapt or reformat the Publication for distribution;
create a derivative publication from it;
incorporate substantial parts into another report, database, product, presentation, course or service;
use extracts in a manner that substitutes for purchase of the Publication; or
represent Assetreal’s research, analysis or conclusions as another person’s work.
Nothing in this licence restricts any right that cannot lawfully be excluded or any use expressly permitted by applicable law.
8. Artificial intelligence and automated systems
The Named Licensed User may use the Publication with an artificial-intelligence or large-language-model service solely for that individual’s private analysis, summarisation, interrogation or other permitted professional use, provided that:
access to the Publication and resulting analysis remains limited to the Named Licensed User;
the service is operated under terms or settings that do not permit the Publication or its contents to be used to train a generally available artificial-intelligence or machine-learning model;
the Publication is not made available to other users through the service;
the Publication is not added to a shared organisational knowledge base, research repository or other system through which other persons may access or retrieve its contents; and
the use does not otherwise result in reproduction, redistribution or systematic extraction of substantial parts of the Publication.
Neither the Purchaser nor the Named Licensed User may use the Publication, or substantial extracts from it:
to train, fine-tune or develop an artificial-intelligence or machine-learning model;
as part of a dataset, corpus, retrieval database or other collection used to develop or improve an artificial-intelligence system;
in a shared organisational knowledge-management or document-ingestion system through which persons other than the Named Licensed User may access or retrieve the Publication or its contents;
through a service that makes submitted content available to other users; or
for automated reproduction, redistribution or creation of a substitute for the Publication.
Any artificial-intelligence or automated use remains subject to all other restrictions in this licence.
9. Organisational and multi-user use
An individual professional licence does not permit use by more than one person.
An organisation must obtain an institutional, team, multi-user or other organisational licence where the Publication will be:
accessed or read by two or more individuals;
circulated among employees, partners, advisers or contractors;
stored on a shared system;
placed in a library or research repository;
used as a team reference resource;
made available through an internal knowledge-management system; or
reproduced or presented in a manner giving multiple people substantial access to its contents.
Organisational licences may be requested through the Publication Licence Request form or by contacting enquiries@assetreal.co.
10. Personalised copy and security
The supplied PDF may contain:
the Named Licensed User’s name;
the Purchaser’s organisation name;
the licence type;
an invoice or order reference;
the delivery date;
copyright and licence notices; and
technical restrictions or identifiers.
The Purchaser and Named Licensed User must not remove, obscure, alter or circumvent those markings or protections.
The Named Licensed User must take reasonable steps to prevent unauthorised access, copying or distribution, including by:
keeping the supplied or downloaded file secure;
keeping any download link, access instructions or access credentials secure and not forwarding or sharing them;
not placing the Publication in a shared email folder or storage location;
protecting the devices, email accounts and other accounts used to receive or access it; and
notifying Assetreal promptly if the Publication, download link, access instructions or access credentials are lost, disclosed, accessed without permission or used in breach of this licence.
11. No transfer or substitution
The licence is personal to the Named Licensed User and may not be:
assigned;
transferred;
sublicensed;
reassigned to another employee;
included in the transfer of a business, role, mandate or account; or
used by a replacement employee or colleague.
A change of employer does not transfer the licence to the Named Licensed User’s former or new employer.
A different named user requires Assetreal’s prior written agreement and may require a new licence or licence fee.
12. Breach and termination
Assetreal may terminate this licence where the Purchaser or Named Licensed User materially breaches its terms.
Material breaches include:
sharing or circulating the Publication;
sharing a download link, access instructions or access credentials with an unauthorised person;
allowing access by an unauthorised person;
removing personalised or copyright markings;
using the Publication with an artificial-intelligence or automated system in breach of section 8;
reproducing or redistributing substantial content; or
supplying materially false purchaser or licence information.
Where reasonably practicable, Assetreal may first request that the breach be remedied. Assetreal is not required to allow a remedy where the breach has caused or is likely to cause irreversible disclosure, distribution or infringement.
Upon termination:
all permitted use must cease;
all copies under the Purchaser’s or Named Licensed User’s control must be deleted or destroyed; and
written confirmation of deletion may be required.
Copies may be retained only where retention is required by law, and any retained copy must not otherwise be accessed or used.
Termination does not prevent Assetreal from pursuing any other available rights or remedies.
13. No continuing service
Purchase of the Publication does not include:
advisory services;
consultation;
personalised analysis;
updates or revised editions;
access to underlying models;
working papers or research files;
responses to analytical questions; or
any obligation to monitor subsequent events.
Any additional service, publication or licence must be separately agreed in writing.
14. Relationship with other terms
This licence must be read together with the Terms of Use and Sale applicable to the licence request and purchase.
The Terms of Use and Sale govern matters including:
purchaser eligibility;
licence requests;
order formation;
payment;
delivery;
refunds;
liability; and
the contractual relationship with Assetreal.
This Publication Licence governs permitted and prohibited use of the Publication.
Where a separate written organisational or bespoke licence has been agreed with Assetreal, that separate agreement prevails to the extent of any inconsistency.
15. Governing law and jurisdiction
This licence and any dispute or claim arising out of or in connection with it, its subject matter or formation, including any non-contractual dispute or claim, shall be governed by and construed in accordance with the laws of England and Wales.
The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this licence, its subject matter or formation, including any non-contractual dispute or claim.
16. Contact and permissions
Requests concerning:
organisational licences;
additional named users;
quotation or reproduction permission;
artificial-intelligence or automated use not expressly permitted under section 8;
accessibility requirements; or
any other authorised use
should be sent to: