Skip Links

Our strategy

We have a simple strategy – to generate superior portfolio and shareholder returns from investing in and improving central London real estate. We aim to achieve this through our intense, customer- focused approach to managing our properties combined with an effective reading of the property cycle, across a market that we know inside out.

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 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:


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 KPIs.
  • Entrepreneurial and collegiate culture with disciplined approach to risk management and effective governance structure.

Our portfolio

  •  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.

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 advisors).
  • Positive engagement with local authorities, planning departments and local communities.

How do we measure success?

We measure our absolute and relative performance using a small number of key performance indicators: Total Property Return; Total Shareholder Return; NAV growth; and EPRA Vacancy. We manage the business to drive results consistently in excess of our benchmarks.