Our locations

Our purpose is to provide the right space for our customers and our communities — helping businesses to succeed, the economy to grow and people to thrive. Welcome to our new Annual Report.

Performance highlights

How we performed this year in terms of our most important financial measures, from revenue to shareholder return.

Financial Highlights

  • Revenue Profit £m

  • Adjusted Diluted Earnings Pence per share

  • Adjusted Diluted Nav Pence per share

Financial Highlights

  • Profit Before Tax
    Including Valuation Surplus


    2015: £2,416.5m

  • Total Property Return


    2015: 23.0%

  • Total shareholder return1


    2015: 26.3%

  • Total business return1


    2015: 30.7.%

  • Divident per Share2


    2015: 31.85p

  1. Total Shareholder Return and total business return provide shareholders with the clearest guide to the Group’s progress in financial terms
  2. We aim to deliver a progressive dividend.

Financial Highlights

  • Combined Portfolio value

CEO’s statement

Robert Noel reports on how we are meeting the needs of our customers, communities, partners and employees.

Business model


Our strategy is designed to ensure we are a sustainable business through the market cycle.


We have a simple organisational shape, with the London and Retail portfolios united within a Group structure.


We aim to buy assets when values are falling or low, start to develop early in the cycle, work closely with customers during their leases, and sell assets at appropriate points in the cycle.


We have delivered another strong year of lettings in good market conditions. Well-timed development and rigorous asset management enabled us to further lengthen income. Our portfolio is high quality, well let, resilient and focused on meeting the changing needs of customers and communities.


Valuation surplus


Investment lettings


Development lettings


We acquire when we see an opportunity to transform under-managed property into a great destination and sell when we see better opportunities elsewhere. We are proactive managers, constantly looking to enhance our space in line with changing needs.


We have now sold all of our standalone superstores and secondary regional assets. We’ve reinvested proceeds into buying and building truly premium destinations such as Bluewater, Trinity Leeds and Westgate Oxford. And we’ve stepped up the offer at Gunwharf Quays, St David’s and our retail parks.


Valuation surplus


Investment lettings


Development lettings

Top properties

Our top ten assets by value.

Financial review

Martin Greenslade reports on our financial performance and explains the movements in our key financial measures.