We are the largest owner and operator in retail parks in the UK, complementing our offering with a growing urban logistics portfolio.

Our retail portfolio is focussed on out of town retail parks, a more affordable format for our customers, which complement the growth of online as they are ideally set up to support click & collect and returns from store. Our portfolio of shopping centres includes well located open air schemes, as well as traditional covered centres.

Alongside our retail parks, we have a £1.3bn urban logistics development-led pipeline which will deliver new space through the intensification and repurposing of existing buildings. This is both within our standing portfolio as well as targeting development-led opportunities in high-demand locations within the M25.

Creating value in Retail

We are the market leader in retail parks which account for 61% of our Retail & London Urban Logistics portfolio.

Our expertise in this area has enabled us to capitalise on strong demand for this asset class from both occupiers and investors. For retailers, retail parks are an important part of an omnichannel strategy as they facilitate ‘click and collect’, return to store and ‘ship from store’. The format of retail parks enables larger sized stores and customer car parking facilities which reduces the cost of last mile delivery for retailers.

Retail parks continue to present a clear opportunity for us to drive value based on our ability to actively manage these assets to improve occupancy and generate sustainable cash flows.

Urban Logistics

To complement our retail parks, we are targeting development-led opportunities within the M25 and Zone 1 of London where there is an extreme shortage of urban logistics space. In London, demand for logistics space has accelerated rapidly driven by the growth of e-commerce. At the same time the ability to create new space is constrained by a complex planning environment.

Leveraging our broader skills in site assembly, planning, and complex London development, our strategy is to deliver new space through the intensification and repurposing of existing buildings.

Our pipeline has a gross development value of £1.3bn. Our strategy is to deliver best in class, environmentally sustainable urban logistics schemes to appeal to a range of occupiers. According to research, last mile logistics solutions that enable the use of e-bikes and electric vehicles for delivery to the end customer have up to 90% lower carbon emissions, are 1.6x faster than vans in traffic.

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£ 4.0 bn

assets under management

£ 3.3 bn

of which we own

14.6 m sq ft

high quality and well located properties

80

individual assets

98.4 %

occupancy

£ 281 m

annualised rent

We are the largest owner and operator in retail parks in the UK, complementing our offering with a growing urban logistics portfolio.

Our retail portfolio is focussed on out of town retail parks, a more affordable format for our customers, which complement the growth of online as they are ideally set up to support click & collect and returns from store. Our portfolio of shopping centres includes well located open air schemes, as well as traditional covered centres.

Alongside our retail parks, we have a £1.3bn urban logistics development-led pipeline which will deliver new space through the intensification and repurposing of existing buildings. This is both within our standing portfolio as well as targeting development-led opportunities in high-demand locations within the M25.

£ 3.7 bn
assets under management
£ 2.9 bn
of which we own
14.3 m
sq ft of space
95.9 %
occupancy
£ 244 m
annualised rent

An Overview of our assets

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