Capital Efficiency

Disciplined use of capital

We allocate capital, manage our finances and partner with like-minded organisations to deliver sustainable long term value.

We take a disciplined approach to allocating our capital. We forecast returns for each of our properties annually and are active in selling assets with lower prospective returns, providing capital for reinvestment into opportunities with greater returns for shareholders.

We assess returns available on opportunities within the portfolio and acquiring new properties. Developments have typically delivered some of our strongest returns, but are inherently higher risk, particularly when pursued on a speculative basis. We manage our development exposure carefully, with a maximum of 8% to be delivered speculatively.

We employ both debt and equity financing and manage the mix between them to balance the benefits of leverage, against the risks, and manage our LTV through the property cycle such that our financial position would remain robust in the event of a significant fall in property values.

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