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

Read more about our people

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.

See our case studies

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.

See our debt information section

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