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Our strategy

“Our focused business model is all about repositioning properties to unlock their full potential. When combined with the effective reading of the property cycle, in a market we know inside out, we deliver attractive long-term returns for shareholders.”

Toby Courtauld, Chief Executive

Our business model

The core principles of our model are...

  • 100% central London portfolio: West End focus
  • Reposition properties let off low rents
  • Flex operational risk through property cycle
  • Maintain low financial leverage
  • Deliver superior returns by seeking to outperform our KPI benchmarks

...underpinned by our unique combination of attributes...

Our people

  • Experienced management team supported by specialist in-house asset management, development, investment and finance teams.
  • Incentivised to deliver strong total returns for shareholders and outperform our KPI benchmarks.
  • Entrepreneurial and collegiate culture with disciplined approach to risk management and effective governance structure.

See our people section

Our capital structure

  • Consistently strong balance sheet and conservative financial leverage.
  • Low cost, diversified debt book.
  • Disciplined allocation of capital through analytical, risk adjusted IRR decision making.
  • Effective use of joint ventures.
  • Tax efficient REIT structure.

Our relationships

  • Intense, customer-focused approach to understand tenants' needs.
  • High tenant retention, low vacancy rates, diverse tenant base.
  • Deep relationships with key suppliers (including contractors, debt providers and advisers).
  • Positive engagement with local authorities, planning departments and local communities.

See our sustainability section

...and our proactive management of our portfolio.


  • Unloved assets in strong locations with angles to exploit.
  • Below replacement cost and typically off market.
  • Off low rents.


  • Through lease restructuring, refurbishment or redevelopment.
  • Deliver new space into supportive market conditions that meet tenant needs.
  • Manage risk through pre-letting, JVs and forward sales.
  • Enhance the local environment and public realm.


  • Disciplined capital recycling through the sale of properties where we have executed our business plans or we are able to monetise our expected future profits.
  • Reinvest proceeds into higher return opportunities.