Half-yearly report 2012

Our progress

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

Play slideshow

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

Our performance

Read more

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
Go to our performance highlights

Combined Portfolio by value

Combined -portfolio -value

Retail Portfolio performance

Read more
  • Valuation deficit
    2.5%
  • Investment lettings in the period
    £8.0m
  • Like-for-like portfolio voids reduced from 4.7%
    3.6%

Retail Portfolio by capital value

Retail-Portfolio-by-capital-value
 

Top 3 Properties

Gunwharf Quays

1. Gunwharf Quays

Portsmouth

White Rose

2. White Rose

Leeds

Trinity Leeds

3. Trinity

Leeds

 
Go to our Retail Portfolio highlights

London Portfolio performance

Read more
  • Valuation surplus
    2.0%
  • Investment lettings in the period
    £7.1m
  • Development lettings since 1 April 2012
    £9.1m

London Portfolio by capital value

London-Portfolio-by-capital-value
 

Top 3 Properties

Cardinal Place

1. Cardinal Place

SW1

New Street Square

2. New Street Square

EC4

One New Change

3. One New Change

EC4

 
Go to our London Portfolio highlights

Outlook

Read more

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 review

Content

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Maecenas justo sapien, placerat et placerat scelerisque, vulputate in mi. Nulla et odio massa. Integer vitae urna auctor tellus tristique mattis. Vivamus adipiscing iaculis quam, at porta dui aliquet id. Morbi scelerisque faucibus magna, at lobortis sapien ornare sed. Nulla lobortis venenatis nisl eu scelerisque. Ut nulla enim, condimentum sit amet euismod nec, accumsan non enim. Phasellus pretium magna quis ante ullamcorper at pellentesque nibh semper.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Maecenas justo sapien, placerat et placerat scelerisque, vulputate in mi. Nulla et odio massa. Integer vitae urna auctor tellus tristique mattis. Vivamus adipiscing iaculis quam, at porta dui aliquet id. Morbi scelerisque faucibus magna, at lobortis sapien ornare sed. Nulla lobortis venenatis nisl eu scelerisque. Ut nulla enim, condimentum sit amet euismod nec, accumsan non enim. Phasellus pretium magna quis ante ullamcorper at pellentesque nibh semper.

Our strategy, vison and team

Our 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.

Our values

  • Excellence
  • Customer service
  • Innovation
  • Integrity
  • Respect
Go to our strategy, vision and team

Our Management

From the left: Martin Greenslade(Chief Financial Officer), Robert Noel (Chief Executive) and Richard Akers (Executive Director)

Our top 10 assets

Cardinal Place

1. Cardinal Place

SW1

New Street Square

2. New Street Square

EC4

One New Change

3. One New Change

EC4

Queen Anne’s Gate

4. Queen Anne’s Gate

SW1

Gunwharf Quays

5. Gunwharf Quays

Portsmouth

White Rose

6. White Rose

Leeds

Trinity

7. Trinity

Leeds

Piccadilly Circus

8. Piccadilly Lights

W1

Bankside 2&3

9. Bankside 2 & 3

SE1

Cabot Circus

10. Cabot Circus

Bristol

Go to our top 10 assets