Our strategy

Our strategy is based on two key principles of sustainable value:
- A focus on our competitive advantage
- Maintaining a strong balance sheet

Three competitive advantages



Our places

Central London
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Major retail destinations
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Mixed-use urban neighbourhoods
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In central London, we develop, own and manage offices that offer a variety of propositions to meet the evolving needs of occupiers, who range from global corporates to small, fast-growing businesses. Demand for our high-quality, sustainable office space is healthy, and this part of the portfolio can offer a blend of returns; from high-quality, low-risk income, through to profits from new development.

In retail, we own and manage high quality, major retail destinations that offer something special to brands and shoppers alike, in an increasingly omnichannel world. Shoppers are attracted to places that offer experiences they can’t easily get elsewhere; brands are drawn to places where they can showcase their offer to a high number of shoppers. Our job is to bring the two together. Our high-quality portfolio, strong brand partner relationships and deep understanding of shoppers give us a real competitive edge.

Our focus on developing and investing in mixed-use urban neighbourhoods recognises that the lines between where we live, work and spend our leisure time are becoming increasingly blurred. This is creating an urgent need to reshape our cities so they are fit for the future. We are using our scale, expertise and experience to help adapt the built environment to meet people’s changing needs. These projects take shape over a number of years and multiple phases, meaning each project can offer an attractive blend of income, growth and development-led returns over several years. Importantly, the phased nature of these projects means we can realise returns in stages, rather than wait for the overall completion of the project.

Key performance drivers

We have a track record of delivering developments in London and across the UK. Our expertise lends itself to large, complex, long-term projects that can focus on the needs of multiple customer segments.

We also take an innovative approach - leading our sector in applying Design for Manufacture and Assembly and Modern Methods of Construction. Our sustainable development practises can help lower our carbon impact and differentiate our end-product with customers, eventually leading to increased returns.

Our strategy is driven by disciplined capital allocation. We are investing in sectors and assets that can thrive throughout the cycle to achieve a premium net asset valuation. We also consider managing property for fee income or using attractively priced partner capital.

Our customers are at the heart of our strategy. We apply a customer-centric approach to all aspects of our business. Some examples include:

  • Building a deep understanding of evolving customer needs to ensure we design market-leading propositions.
  • Measuring and tracking all facets of the customer experience across our portfolio to enable proactive interventions and validate the impact of our actions on key customer metrics e.g. churn and retention.
  • Enabling clear articulation of who our customers are and how we can deliver value to them.
  • Customer centricity has always been important, but as our customers manage and respond to the challenges of Covid-19 and other changes in their needs, customer focus will be essential to ensure we find mutually beneficial solutions.

This performance driver is not about how much data we have, but how we use it to enhance all aspects of our business. A data driven approach will enable us to:

  • Build data as a strategic asset for the long-term, blending proprietary and public data to enable focused, strategic decision making.
  • Set the foundations, then benefit from our transition to being a 'modern digital business’.
  • Create increased/additional value and income through new propositions and routes to market.

ESG leadership remains an essential strength and has always been central to how we do business as occupiers and consumers increasingly expect our spaces to satisfy both sustainability and wellbeing credentials. Whether it is the way we design and operate our buildings, or activity to reduce our carbon footprint or the importance we place on making sure our assets and activity enhance local communities and support those most in need of help.

We lead the industry in pursuit of our science-based environmental targets. We take a proactive approach to our social and environmental impact, making investments which lead to positive employee and stakeholder experiences. this helps ensure the business remains attractive and relevant, and creates value in the long term.


For our shareholders

Total returns, delivered through the cycle

A focus on creating value

Higher operational leverage, offset by lower financial leverage  

For other stakeholders

A continued commitment to transition to zero

A partnership-based approach
The creation of vibrant communities with a lasting sense of place

For our culture and organisation

Outward-facing and customer-led

Lean, agile, nimble, empowered and supportive
Driven to be customer-centric and data-led