Our business model

We have a resilient business model powered by conscious commercialism.

Our approach

We have a distinctive approach that combines smart, progressive business thinking with a powerful sense of stewardship. We call this conscious commercialism.

It’s about being astute and enterprising in how we create value today, while also taking a considered, long-term view of the assets we manage.

What we do

  • 1.Investment management

    We buy and sell

  • 2.Development management

    We plan, construct and refurbish

  • 3.Asset management

    We manage our assets to increase their value

  • 4.Property management

    We add value for tenants, visitors and communities

The things we rely on

We draw upon our resources and relationships as inputs to our business model and are constantly transforming them through our activities.

Financial resources

Our people

Physical resources

Our know-how

Natural resources

Our networks

The value we create

We consistently create significant financial value for the UK taxpayer, and tangible, long-term value, measured via our resources and relationships, for all of our stakeholders.


Increase in annual revenue profit


Improvement in emissions intensity


Increase in total property value


Suppliers paid within 30 days


Total return outperformed our target of 16.2% (IPD bespoke benchmark)


Great place to work staff engagement score


+12.2% capital value


Operational capacity

Our contribution to the Treasury

Our annual net revenue profit is paid to the Treasury.


+6.7% net revenue profit paid to the Treasury


Generated for the Treasury in the last 10 years

Investment into the business

We access capital to invest in our portfolios via strategic partnerships and the sale of non-core ex-growth assets.


Inflow of funds from capital activity


Capital activity in 2015/16

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