Our business model
The core principles of our model are:
- 100% central London portfolio: West End focus
- Reposition properties let off low rents through lease structuring,
refurbishment and re-development
- 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:
- 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.
- One of the largest commercial portfolios in the West End.
- We acquire unloved assets in strong locations with angles to exploit and reversionary potential to capture. Every property has a detailed business plan reviewed quarterly.
- Our development activity improves both the local environment and public realm.
- Active capital recycling when value has been maximised: typically rotate 10-20% of the portfolio every year.
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.
- 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.