Investment case


We have a simple strategy – to generate superior portfolio and shareholder returns from investing in and improving central London real estate, a market that we know inside out.

Delivering shareholder value

We aim to achieve this through our intense, customer-focused approach to managing our properties combined with an effective reading of the property cycle, increasing and reducing risk as appropriate.

The core principles of our business model are:

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

Find out more about our strategy

Within a more challenging economic context, GPE is well positioned: Following a number of years of net property sales, our balance sheet has never been stronger with gearing at record low levels, giving us significant financial capacity to take advantage of any market weakness. Moreover, our committed development programme is materially de-risked; our investment portfolio is almost fully occupied; we have an exceptional future development pipeline for the next cycle; and we have a first class team ready to capitalise on this period of greater uncertainty.

Toby Courtauld Chief Executive

How we measure success

For many years we have calibrated our absolute and relative performance using a small number of key performance indicators. We manage the business to consistently deliver results in excess of these benchmarks.


The successful management of risk is essential for us to deliver on our strategic priorities. Whilst the ultimate responsibility for risk management rests with the Board, the effective day-to-day management of risk is in the way we do business and the culture of our team.

The Group’s overarching risk appetite is set in the context of our sole focus on central London; a market that we know inside out. Because this market is cyclical, we apply a disciplined approach to managing our operational risk, in particular our development exposure, in tune with market conditions, whilst always maintaining low financial risk through conservative financial leverage.