Working to a clear plan

Performance highlights


Profit before tax
£533m


Total shareholder return
+19.1%


Total business return
+8.0%

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THROUGH TOUGH MARKET CONDITIONS WE HAVE CONTINUED TO SEE
THINGS DIFFERENTLY.

While others held back, we made an early start on development and have found new ways to meet occupiers’ changing needs.
Our decisive approach has enabled us to make good progress. As we move forward, we have a clear plan for every asset and a portfolio well matched to the world we see ahead…

We are creating value by helping occupiers thrive in a fast-moving world...

For example, at Victoria, SW1, we are transforming an outdated part of London into a thriving centre with contemporary offices and an exciting, modern mix of retail and leisure.

In london, we are delivering efficient, modern space into a supply-constrained market...

At 20 Fenchurch Street, EC3, we are enabling businesses to swap outdated office space for
hard-working, contemporary space in an
iconic building.

In retail, we are
working to bring the benefits of convenience, leisure and the internet to the high street...

Our new Trinity Leeds centre offers a range of attractions under one roof, from big brands to local shops; from premium restaurants to street food vans; from multi-channel retailing and interactive advertising to public art.

We believe in taking control of our destiny, not relying on the
market for growth...

Since 2010 we have started development on major schemes while others have paused. Our decision to press ahead is providing us with strong returns as we move through the cycle.
Despite difficult market conditions back in 2010, we chose to develop Park House, W1 – a major
mixed-use scheme at the meeting point of Mayfair and Oxford Street. We then sold the asset later in the year ahead of completion, and recycled the capital into further development activity.

From development to
asset management,
we are working to
a clear plan.

Across London and Retail, we are constantly evolving our portfolio and adding to our development pipeline, so we can ensure our assets are well matched to occupiers’
changing needs.
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