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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

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.

The core principles of our model are...

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

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

Our capital structure

  • Consistently strong balance sheet and conservative financial leverage.
  • Low cost, diversified debt book and plentiful liquidity.
  • Disciplined allocation of capital through analytical, risk adjusted IRR decision making.
  • Detailed business plan for every property reviewed quarterly.
  • Support progressive dividend policy.
  • 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) and joint venture partners.
  • Positive engagement with local authorities, planning departments and local communities.

See our sustainability section

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

...and our proactive management of our portfolio.

Acquire

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

Reposition

  • 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.

Recycle

  • 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.