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Business Model

Business model

Our aim is to deliver superior returns to our shareholders and develop thriving communities across the UK.

1. Disciplined stock selection
We target high yielding assets with low risk characteristics in our key sectors of community shopping centres and conveniently-located retail parks. We acquire these assets either directly or through joint ventures. Our significant market experience and in-depth analysis enable us to price risk appropriately and buy assets at the right prices. 

2. Active asset management
We enhance and protect income returns through our asset management initiatives, which range from the deployment of targeted capex to improve asset environments to measures to reduce occupational costs for occupiers. We draw on our in-house expertise, a deep understanding of our market and strong relationships with our occupiers to achieve this.

3. Risk-controlled development
We create income and capital growth from within our portfolio through our risk-controlled development pipeline. Our in-house development team works with stakeholders to obtain valuable planning consents, which we can develop ourselves or sell to crystallise a profit. Our risk controlled approach means that we will not commit to developments without securing significant pre-lets or pre-sales.

4. Profitable capital recycling
We regularly assess potential upside opportunities in disposing of assets and recycling capital into new opportunities, and we have a track record of doing this profitably. These disposals are typically of mature assets where our estimates of forward looking returns are below target levels, assets where we believe the risk profile has changed, or assets sold to special purchasers.

5. Benefits of scale / Conservative balance sheet
We leverage the scale and expertise of our platform, underpinned by a conservative and unencumbered balance sheet, to drive further returns. This includes using our platform to manage assets owned by third parties or which we own through joint ventures with third parties.