We are building impressive buildings that are changing the face of London and delivering the right space in the right location for retailers in the UK. Click here to start the slideshow
Half-yearly report 2012
Spring 2012
John Lewis opts to use all 11 floors of the scheme for a flexible format shop.
Summer 2012
John Lewis begins to fit out the shop ready for opening.
Autumn 2012
The store opens, making Exeter an even more attractive place to shop and invest.
Spring 2012
Construction progresses on this striking 64,460 sq m office building in the city of London.
Summer 2012
The core is complete and the first occupier, Markel, signs up, taking 4,700 sq m.
Autumn 2012
This iconic addition to London’s skyline is 23% pre-let, with 11% in solicitors’ hands.
Spring 2012
With Debenhams having taken a pre-letting, construction work progresses at a brisk pace.
Summer 2012
The development is ready for Debenhams to start its fit-out.
Autumn 2012
The store opens, significantly increasing the choice available to the park’s visitors.
Winter 2011
Construction is well under way at this mixed-use development in the heart of Victoria.
Summer 2012
With the structure complete and cladding progressing well, the building is on schedule to complete in 2013.
Autumn 2012
The 25,610 sq m development remains on time and to budget for delivery in spring 2013.
We are building impressive buildings that are changing the face of London and delivering the right space in the right location for retailers in the UK. Click here to start the slideshow
Pre-tax profit
£131.4m
Our pre-tax profit for the six month period includes a small valuation deficit of £10.9m.
Total dividend
14.8p
Up 2.8% on the six months ended 30 September 2011, in line with our aim to progress the dividend in a sustainable manner.
Revenue profit
£143.7m
Down 9.8% on the six months ended 30 September 2011 following disposals and development starts.
- Adjusted diluted net assets per share
864p up 0.1% - Valuation deficit
£10.9m - Investment portfolio performance relative to IPD
1.6% outperformance
- Valuation deficit
2.5%
- Investment lettings in the period
£8.0m
- Like-for-like portfolio voids reduced from 4.7%
3.6%
Top 3 Properties
1. Gunwharf Quays
Portsmouth
2. White Rose
Leeds
3. Trinity
Leeds
- Valuation surplus
2.0%
- Investment lettings in the period
£7.1m
- Development lettings since 1 April 2012
£9.1m
Top 3 Properties
1. Cardinal Place
SW1
2. New Street Square
EC4
3. One New Change
EC4
Retail Portfolio outlook
Overall, the retail market is characterised by a continuing tough environment and evolving consumer and retailer demand.
Our asset management actions and our targeted, de-risked development schemes help us to deliver the right assets in the right locations. The quality of our portfolio and the relationships we have with retailers will be increasingly important in the current environment as retailers continue to take space, but in formats and locations which meet their new requirements.
As technology advances, new ways will emerge for consumers to shop and stay informed. Successful retail centres will increasingly polarise into those which are destination centres with a strong leisure component and those which are convenience-led in great locations. Our strategy is well placed to respond to these trends.
Go to our Retail Portfolio review
London Portfolio outlook
We continue to deliver on the plan we set out when we restarted our development programme. The key drivers of supply and demand are broadly consistent with those set out at that time. Although take-up of office space has been slower than originally expected, there have been fewer development starts.
We are confident about the prospects for new, efficient, well configured office space which is evidenced by the strength of interest we are seeing on our schemes. While we remain of the view that delivering developments early in the cycle is preferable, we believe that the period of opportunity will last longer than we had anticipated in 2010 as completions of new space over the next three years will be insufficient to meet demand. We are able to take advantage of this with our pipeline of oven-ready schemes.
Go to our London Portfolio reviewOur strategy is simple: to be at the forefront of meeting the space requirements of our customers and to provide an attractive total return for our shareholders. We focus on the two largest segments of the UK commercial property market - retail and London offices - which gives us a broad range of opportunities and a high-quality tenant base.
Our vision, 'Shaping the future of property', highlights our ambition to set the standards for tomorrow in our industry. Whatever we do, we aim to lead our sector, not follow.
- Excellence
- Customer service
- Innovation
- Integrity
- Respect
Our Management
From the left: Martin Greenslade(Chief Financial Officer), Robert Noel (Chief Executive) and Richard Akers (Executive Director)
1. Cardinal Place
SW1
2. New Street Square
EC4
3. One New Change
EC4
4. Queen Anne’s Gate
SW1
5. Gunwharf Quays
Portsmouth
6. White Rose
Leeds
7. Trinity
Leeds
8. Piccadilly Lights
W1
9. Bankside 2 & 3
SE1
10. Cabot Circus
Bristol
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Essential read
(PDF) 93 KB -
CEO's statement
(PDF) 87 KB -
Financial review
(PDF) 272 KB