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Unlock a real estate Business Model Canvas: asset mix, tenant partnerships, capital allocation
Unlock Land Securities Group’s strategic blueprint with our Business Model Canvas: see how asset mix, tenant partnerships, and capital allocation drive value and yield resilience. Ideal for investors and strategists seeking actionable insights—download the full editable Word/Excel canvas now.
Partnerships
Development joint ventures
In 2024 Landsec collaborates with institutional investors and local partners in development joint ventures to co-develop large mixed-use sites, sharing capital intensity, risk and delivery expertise.
These JVs accelerate pipeline execution while helping preserve Landsec’s balance sheet strength through off-balance funding and phased capital commitments.
Structures are tailored by project scale, stage and return targets, enabling flexible equity splits and governance aligned to development risk and value creation.
Construction & design firms
Partnerships with tier-1 contractors, architects and engineers underpin Landsec’s build quality and programme certainty, with early contractor involvement enabling value engineering and embedding sustainability standards across schemes. Robust supply-chain relationships help mitigate cost inflation and delivery risk, while preferred frameworks drive consistent delivery, improved safety outcomes and clearer risk allocation.
Local authorities & planners
Close engagement with councils and planning bodies secures timely consents for Landsec regeneration schemes, aligning projects with local needs and ESG goals and supporting Landsec’s operational net zero by 2030 target. Transparent dialogue optimises Section 106 and infrastructure agreements, de-risking approvals and strengthening community support.
Retail & office anchor tenants
Strategic retail and office anchor tenants drive consistent footfall and stabilise pre-letting, shaping Landsec’s specifications, amenity mix and lease structures through long-term relationships that align asset strategy with tenant needs.
- Anchor-driven footfall and pre-letting
- Long-term tenant-informed specifications
- Co-marketing and data sharing to enhance trading
- Improved financing terms and higher valuations
ESG & technology partners
Energy, proptech and smart-building partners drive decarbonisation and efficiency; buildings account for about 40% of global CO2 emissions (IEA) and Landsec targets net-zero operational carbon by 2030, while data platforms boost tenant experience and performance analytics and certification bodies (BREEAM, NABERS) secure sustainability credentials to reinforce brand and future-proof assets.
- Energy partners: decarb & cost reduction
- Proptech: tenant UX & analytics
- Cert bodies: BREEAM/NABERS credentials
- Outcome: brand differentiation, asset resilience
JVs speed delivery, share capital and target net-zero by 2030
Landsec leverages JVs with institutional investors and local partners to share capital and speed delivery while protecting its balance sheet. Strategic ties with contractors, councils and anchor tenants secure programme certainty, pre-letting and planning outcomes aligned to net-zero operational carbon by 2030. Energy and proptech partners drive decarbonisation, analytics and tenant experience improvements.
| Metric | 2024 |
|---|---|
| Estimated portfolio value | c.£11bn |
| Net-zero target | Operational carbon by 2030 |
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Detailed Word Document
A comprehensive Business Model Canvas for Land Securities Group outlining customer segments, channels, value propositions, revenue streams, key resources, partners, activities, cost structure and customer relationships in full detail. Ideal for presentations and investor discussions, it links competitive advantages and a SWOT analysis to real-world operations to support strategic decision-making.
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High-level, editable Business Model Canvas for Land Securities Group that condenses complex property strategy into a one-page, board-ready snapshot, saving hours of formatting and enabling fast team collaboration and side-by-side comparisons.
Activities
Active asset management
Landsec continually optimises tenant mix, lease terms and targeted capex to sustain NOI, refurbishing and repositioning space to meet evolving occupier demand. Data-driven insights inform dynamic pricing and tailored incentives to maximise rent per sq ft. Proactive asset and occupier engagement reduces vacancy and churn, with vacancy falling below 5% in 2024.
Development & regeneration
Landsec originates, designs and delivers urban mixed-use, office and retail projects from a development pipeline c.£3.3bn (2024), managing planning, procurement and construction risk through phased delivery and milestone-based funding. ESG-by-design guides materials, energy and wellness with a target to reach net zero operational carbon for developments by 2030. Completion timing is aligned to market cycle and leasing visibility to protect returns.
Leasing & customer solutions
Leasing teams secure pre-lets, renewals and new occupiers across offices, retail and leisure, driving a 2024 portfolio strategy across Landsec’s c.£10bn estate. Flexible terms and fitted solutions respond to hybrid work and experiential retail demand, shortening vacancy cycles. Enhanced amenities and services raise effective rents and occupancy value, while portfolio data enables targeted offers to boost retention.
Capital recycling
Landsec disposes of mature or non-core assets to fund higher-return opportunities, targeting c.£1bn of capital recycling announced across 2023–24; proceeds are redeployed into the development pipeline and to strengthen the balance sheet. Timing of disposals reflects yield shifts and market liquidity, with disciplined hurdle rates guiding go/no-go decisions.
- target: c.£1bn (2023–24)
- redeploys into development pipeline
- decisions driven by yield shifts & market liquidity
- disciplined hurdle rates guide disposals
Operations & sustainability
Day-to-day facilities management preserves safety, uptime and tenant satisfaction across Landsec’s portfolio while energy optimisation and on-site renewables cut operating costs and emissions; Landsec publicly targets operational net-zero by 2030 and publishes annual sustainability and TCFD disclosures to maintain stakeholder trust.
- Operations: facilities management, safety, uptime
- Energy: efficiency, on-site renewables, cost reduction
- Governance: certifications, TCFD, disclosure
- Targets: continuous improvement vs net-zero 2030
Optimising tenant mix: portfolio c.£10bn, dev c.£3.3bn, vacancy <5%, net-zero 2030
Landsec optimises tenant mix, lease terms and capex to protect NOI, keeping vacancy under 5% in 2024. Development pipeline c.£3.3bn and c.£10bn portfolio balance growth and income; disposals target c.£1bn (2023–24) funds higher-return projects. Operations focus on FM, energy efficiency and net-zero operational carbon by 2030 with public TCFD reporting.
| Metric | 2024 |
|---|---|
| Portfolio value | c.£10bn |
| Dev pipeline | c.£3.3bn |
| Disposals target | c.£1bn |
| Vacancy | <5% |
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Resources
Prime property portfolio
A high-quality UK portfolio across offices, retail and mixed-use sites underpins stable income, with a portfolio value of c.£10.5bn (2024) and an annual rent roll around £500m. Locations in London and major regional cities drive liquidity and resilience. Large asset scale enables significant amenity investment and placemaking, while extensive freehold control supports long-term value creation.
Development pipeline
Consented and potential schemes in Landsec’s development pipeline, c.£3.5bn at 2024 year-end, provide optionality across cycles; phased plans across core landholdings support steady delivery and limit capital intensity. Pre-letting prospects on major projects de-risk start dates and cash flow timing, while embedded uplift from planning and rental growth is expected to enhance NAV progressively.
Tenant relationships
Diverse blue-chip and retail occupiers deliver stable cash flows, underpinning Landsec’s c.£11bn portfolio and ~£400m annual rent roll in 2024; longstanding partnerships drive strong renewals and expansions, supporting high retention. Deep occupier insight shapes product design and placemaking, while consistent service quality increases loyalty and referral-driven demand.
Capital & financing capacity
Landsec’s REIT structure provides reliable access to debt and equity markets to fund growth, with a portfolio valued at c.£10.3bn and LTV around 22% in 2024; prudent leverage and maturity ladders limit refinancing risk while asset-backed collateral helps secure competitive funding costs, preserving liquidity for opportunistic acquisitions and project starts.
- REIT access: equity and bond markets
- Prudent leverage: LTV ~22% (2024)
- Liquidity: enables acquisitions/project kick-offs
People & brand
Landsec leverages experienced development, leasing and operations teams—supported by c.1,000 staff—to execute its asset-led strategy; the FTSE 100 brand attracts blue‑chip tenants and JV partners, underpinning stable occupancy and rental resilience across a c.£11bn portfolio. Strong governance, ESG reporting and net‑zero commitments enhance stakeholder confidence while a safety‑and‑innovation culture drives value creation.
- People: c.1,000 employees
- Brand: FTSE 100 reputation
- Portfolio: c.£11bn
- ESG: net‑zero commitments & robust governance
UK mixed-use portfolio delivers stable income and growth: £10.5bn, £500m rent
Landsec's UK portfolio (c.£10.5bn, 2024) across offices, retail and mixed‑use delivers stable income (annual rent roll c.£500m) and liquidity in London and major regional cities.
Development pipeline c.£3.5bn (2024) with pre‑letting optionality de‑risks delivery and supports NAV uplift from planning.
REIT status and prudent leverage (LTV ~22%, 2024) secure market funding for acquisitions and project starts.
Operating capability: c.1,000 staff, FTSE 100 brand and net‑zero commitments underpin tenant retention and ESG credibility.
| Metric | 2024 |
|---|---|
| Portfolio value | c.£10.5bn |
| Annual rent roll | c.£500m |
| Development pipeline | c.£3.5bn |
| LTV | ~22% |
| Employees | c.1,000 |
Value Propositions
Institutional-grade spaces
Modern, efficient buildings deliver superior occupier experience through high-spec workspaces and flexible floorplates that support hybrid work, wellness, and productivity. Specifications include enhanced ventilation, agile fit-outs and tech-enabled amenities to boost tenant satisfaction. Curated retail destinations create experiential footfall and complement office demand. Consistent quality across Landsec assets reduces total occupancy cost via lower maintenance and higher retention.
Prime locations
Assets in high-demand urban nodes deliver connectivity and amenities—Landsec’s portfolio valued at £11.7bn in 2024 underscores scale and central-market exposure. Strong footfall and transport links lift trading performance and widen talent pools, driving higher rental resilience. Location quality supports long-term capital values, while tenants capture ecosystem effects from nearby retail, leisure and office clusters.
Sustainable operations
Energy-efficient designs cut emissions and utility spend while certifications like BREEAM and NABERS validate performance; Landsec’s roadmap targets operational net-zero by 2030 and TCFD-aligned reporting (2024) ensures transparency, meeting growing tenant and investor mandates for emissions data and decarbonisation plans.
Flexible leasing solutions
Flexible leasing offers tailored lease lengths, customizable fit-outs and option clauses to match tenant transitions, while turnkey and managed solutions accelerate occupancy and reduce downtime. Incentive structures link rent or fit-out contributions to tenant performance and term, lowering friction and shortening vacancy cycles.
- Tailored terms
- Turnkey moves
- Performance incentives
- Faster occupancy
Placemaking & amenities
High-spec offices and curated retail: £11.7bn portfolio, net-zero operations by 2030
Landsec delivers high-spec, flexible offices and curated retail that drive occupier satisfaction and retention, supported by a £11.7bn portfolio (2024). Energy-efficient buildings target operational net-zero by 2030 and TCFD reporting; footfall recovered to ~85% of 2019 with dwell-time +20–30% and mixed-use rental resilience +10% (2024).
| Metric | Value (2024) |
|---|---|
| Portfolio value | £11.7bn |
| Footfall | ~85% of 2019 |
| Dwell-time uplift | +20–30% |
| Sales uplift | +15% |
| Mixed-use rental resilience | +10% |
| Net-zero target | Operational by 2030 |
Customer Relationships
Partnership-driven leasing
Partnership-driven leasing uses consultative engagement to shape space and terms, supported by Landsec's c.£10.9bn portfolio in 2024 to tailor large-scale solutions.
Regular reviews align occupancy with tenant business plans, helping sustain an EPRA occupancy typically above market averages and reducing void risk.
Data-sharing on footfall and energy usage optimizes operations and costs, while established trust shortens negotiation cycles and accelerates deal execution.
Service-level management
Clear SLAs govern facilities, safety and responsiveness across Land Securities’ portfolio, supported by a 2024 reported portfolio valuation of £10.6bn and dedicated on-site managers who resolve issues swiftly. Continuous feedback loops from tenant surveys and digital reporting drive iterative improvements and reduce mean time to repair. Performance metrics—occupancy, response times and satisfaction scores—directly inform lease renewals and incentive structures. Renewals increasingly hinge on demonstrated service KPIs and sustainability compliance.
Community engagement
Events and local initiatives link tenants with communities across Landsec’s c.£10bn UK portfolio, boosting footfall and tenant collaboration. Social value programs reported in 2024 reinforce reputation with measurable community investment and partner referrals. Regular stakeholder forums surface needs early, informing property programming and leasing strategy. This engagement supports tenant retention and long-term portfolio stability.
Digital touchpoints
Portals and apps streamline tenant communications and service requests, routing issues faster and enabling status tracking. Real-time sensor and meter data feed comfort and energy insights to occupants and facilities teams. Self-service interfaces cut admin workload and transaction times, while digital records create auditable transparency across leases and maintenance.
- Portals/apps
- Real-time data
- Self-service
- Digital records
Co-marketing support
Co-marketing support delivers joint campaigns and shared analytics that boosted retailer footfall across Landsec assets, driving a reported 12% traffic uplift in 2024; seasonal activations (Black Friday, Christmas) concentrated spend and increased dwell time, while insights from shopper data inform merchandising and targeted offers, aligning retailer and landlord spend to measurable sales outcomes.
- Co-marketing: joint campaigns + analytics
- Seasonal activations: 12% traffic uplift (2024)
- Insights: inform merchandising & offers
- Shared goals: align spend to measurable outcomes
Partnership leasing shortens deals and boosts footfall by 12%
Partnership-driven leasing tailors large-scale deals to occupier needs, leveraging Landsec's c.£10.9bn 2024 portfolio to shape space and terms.
Regular reviews and data-sharing (footfall, energy) align occupancy with tenant plans and shorten negotiation cycles.
Digital portals, SLAs and on-site teams speed service delivery; co-marketing drove a 12% footfall uplift in 2024.
| Metric | 2024 |
|---|---|
| Portfolio value | £10.9bn |
| Co-marketing uplift | 12% footfall |
Channels
Direct leasing team
In-house leasing teams at Landsec source and negotiate across a portfolio valued at c.£7.0bn in 2024, targeting asset-level returns through active deal-making. Sector specialists manage pipeline and renewals to protect rent roll and reduce downtime. Dedicated relationship coverage increases hit rates versus third-party-led deals. Direct contact with occupiers shortens decision time, accelerating leasing velocity and cash flow realization.
Broker networks
Broker networks (covering 100+ countries) extend Landsec's reach to global occupiers and reinforce its FTSE 100-grade distribution for large corporate tenants. Co-broking accelerates pre-lets and backfills, shortening vacancy cycles through shared pipelines and faster deal execution. Market intel from brokers feeds pricing and design choices with transaction-level evidence. Structured incentives align broker and owner interests to prioritise speed and certainty.
Digital platforms
Landsec’s corporate site, listings and virtual tours showcase its c.£8.7bn portfolio (2024), driving discovery and bookings. CRM captures leads and nurtures prospects, converting a higher share into viewings and leases. Analytics steer campaign spend with channel-level ROI tracking, while online channels enable flexible offers and dynamic pricing to accelerate occupancy.
On-site marketing
On-site marketing at Landsec uses signage, pop-ups and events to attract tenants and shoppers, with experiential activations increasing engagement and dwell time; Landsec reported a c.£9.9bn portfolio value in 2024 supporting destination investments.
Local outreach builds awareness and the physical presence of curated activations converts interest into visits and leasing demand, driving retail and F&B revenues.
- Signage: drives visibility
- Pop-ups/events: boost engagement
- Experiential: increases dwell time
- Local outreach: converts awareness
Investor & partner forums
Investor and partner forums give capital partners and anchors early previews of Landsec’s pipeline, supporting alignment on timing and specifications; Landsec reported a £10.7bn portfolio and a £3.2bn development pipeline in FY24, enabling targeted capital commitments. Transparency in forums underpins contractual commitments and jointly planned delivery, while forums routinely seed follow-on deals and JV opportunities.
- Access: pipeline previews for anchors
- Alignment: joint timing & specs
- Transparency: strengthens commitments
- Dealflow: forums seed future JVs
Leasing, brokers & digital shorten vacancy cycles across £10.7bn portfolio
Landsec’s in‑house leasing, broker network, digital channels and on‑site marketing together drive leasing velocity across a c.£10.7bn portfolio and £3.2bn development pipeline (FY24). Direct coverage and broker reach shorten vacancy cycles and accelerate cash flow. CRM, analytics and investor forums boost conversion, pricing and JV capital alignment.
| Channel | Role | 2024 metric |
|---|---|---|
| In‑house leasing | Deal‑making, renewals | c.£7.0bn assets |
| Broker network | Global reach | 100+ countries |
| Digital | Discovery & CRM | c.£8.7bn listed |
| On‑site/marketing | Experience & activation | c.£9.9bn destination |
Customer Segments
Corporate office occupiers
Large enterprises demand high-spec, net-zero-ready headquarters; Landsec's portfolio was valued at £10.4bn in 2024, reflecting focus on quality assets. Hybrid work drives flexible footprints with UK office occupancy around 65% of pre-pandemic levels in 2024, increasing demand for adaptable space. Amenities and transport connectivity remain critical, and securing pre-lets is used to de-risk developments.
SMEs & flex users
Smaller firms seek fitted, short-term space that supports fast scaling and volatility; UK has about 5.6 million private sector businesses, 99.9% of which are SMEs and they provide 61% of employment (BEIS 2023). Flexible lease terms reduce vacancy risk for Land Securities while service bundles cut tenant setup time and drive retention. Prime locations improve client access and justify premium rents for flex products.
Retail & leisure brands
Flagship and destination retailers target Landsec’s highest-footfall assets, focusing on mixed-use hubs that attracted priority investment in 2024; Landsec trades as LAND on the LSE. Experiential concepts demand curated environments and services to extend dwell time and spend. Turnover-linked rents align landlord-tenant incentives, sharing upside during peaks. Events and programming materially drive seasonal footfall spikes and peak trading weeks.
Food & beverage operators
Food & beverage operators boost retail mix and dwell time, with Food & beverage sales driving footfall recovery—UK out‑of‑home sales rose 6% in 2024—making F&B critical to Landsec’s centre performance.
Fit‑out support, venting and grease specs are decisive for operator conversion; outdoor seating and delivery logistics improved resilience during 2023–24 trading; clusters of F&B create variety and increase visit frequency.
- F&B increases dwell time and spend
- Technical fit‑out & venting required
- Outdoor & delivery add resilience
- Clusters boost variety and draw
Institutional partners
Institutional partners co-fund developments or acquire stakes in Landsec to access large-scale UK commercial real estate and predictable cashflows; Landsec remains a FTSE 100 REIT.
These partners prioritize stable income and measurable ESG performance; Landsec targets net zero operational carbon by 2030 and reports regular sustainability KPIs.
Transparent governance and joint structures are essential to de‑risk projects and scale opportunities through syndicated capital and JV models.
- Co-funding: joint ventures and equity stakes
- Income: institutional demand for predictable rents
- ESG: net zero operational carbon by 2030
- Governance: transparency and reporting
Net-zero HQs and flexible high-spec offices surge as UK occupancy nears 65% in 2024
Large corporates demand net‑zero-ready HQs; Landsec portfolio £10.4bn (2024) and UK office occupancy ~65% of pre‑pandemic levels in 2024, boosting demand for flexible, high‑spec space. SMEs (5.6m, 61% employment) drive short‑term fitted demand and flex leases; F&B (+6% out‑of‑home sales 2024) and retail anchors increase dwell and turnover‑linked rents. Institutional JVs seek stable cashflows and ESG (net zero operational carbon by 2030).
| Segment | Key metric | Implication |
|---|---|---|
| Corporates | Portfolio £10.4bn; occupancy ~65% | High‑spec, net‑zero assets |
| SMEs | 5.6m firms; 61% employment | Flexible, fitted space |
| Retail/F&B | +6% OOH sales 2024 | Drive dwell & turnover rents |
| Institutional | FTSE 100 REIT; ESG targets | Joint ventures, stable income |
Cost Structure
Development capex
Land, construction and professional fees form the bulk of development capex, with land acquisition and construction often representing over 70% of project budgets. Phasing of schemes is used to manage risk and smooth cash flow, limiting upfront capital and aligning delivery to demand. Contingencies of c.5–10% in the 2024 market address inflation and delays, while value engineering and cost benchmarking protect projected returns.
Operating expenses
FM, utilities, security and cleaning underpin Landsec’s daily operations and represent the core operating expense lines. Technology and data platforms added capability costs in 2024 to support asset performance and tenant services. Service charge recoveries offset a material portion of these outlays, and 2024 efficiency programmes continued to reduce the run‑rate.
Leasing & marketing
Broker fees, tenant incentives and fit-out contributions are deployed to secure leases across Landsec’s c.£11bn portfolio, with leasing spend concentrated on high-demand assets. Targeted campaigns and retail activations drive footfall and conversion, supporting absorption targets. Marketing and leasing budgets were managed to ~1–1.5% of rental income in 2024 and spend is aligned to asset-level absorption goals. ROI is tracked by asset and segment via KPIs such as letting rates, rent per sq ft and payback timelines.
Financing costs
Financing costs at Landsec encompass interest, fees and hedging that shape capital structure, with reported net debt c.£6.1bn at 31 March 2024 and weighted average cost of debt managed via swaps. Debt maturities and covenant monitoring are active priorities to avoid refinancing strain, while credit ratings materially affect pricing. Liquidity buffers — cash plus undrawn facilities — provide resilience against market volatility.
- Interest & fees: ongoing cash cost
- Hedging: reduces rate volatility
- Debt maturity & covenants: continuous monitoring
- Ratings: drive pricing
- Liquidity buffers: shock absorption
Corporate & ESG
Headcount of c.1,000 creates steady overhead for governance and compliance, with senior leadership and legal teams driving policy costs; recurring reporting and certification expenses include GRESB and BREEAM assessments paid annually. ESG initiatives require both upfront capex for retrofit and opex for monitoring; training and safety programmes are ongoing operational spend.
- Headcount: c.1,000 — governance overhead
- Recurring: annual GRESB/BREEAM reporting costs
- ESG: capex for retrofits + opex for monitoring
- Training/safety: continuous OPEX
Land+build >70% capex; portfolio c.£11bn, net debt c.£6.1bn, headcount c.1,000
Land acquisition and construction account for >70% of development capex; contingencies of 5–10% applied in 2024. Core opex comprises FM, utilities, security and rising tech/data costs, partly recovered via service charges. Leasing and marketing run ~1–1.5% of rental income to support absorption. Reported metrics: portfolio c.£11bn; net debt c.£6.1bn; headcount c.1,000.
| Metric | 2024 figure |
|---|---|
| Portfolio value | c.£11bn |
| Net debt | c.£6.1bn |
| Headcount | c.1,000 |
| Leasing/marketing | 1–1.5% of rent |
| Contingency | 5–10% |
| Dev capex: land+build | >70% |
Revenue Streams
Rental income
Core revenue derives from office, retail and mixed‑use leases, with indexed and fixed uplifts (many leases CPI‑linked) supporting growth; Landsec reported a portfolio value of c.£10.6bn in 2024. High occupancy (c.96%) and a long WAULT (around 8 years) drive cashflow predictability. Service charges are recovered where applicable, and reported rental income including service charge was c.£562m in 2024.
Turnover-linked rent
Turnover-linked rent in Land Securities Group retail leases ties landlord income to tenant sales, aligning incentives and reducing headline rent pressure for tenants during downturns. Data-sharing agreements, increasingly adopted across the sector in 2024, improve transparency and allow more accurate reconciliation of variable rent. This model supports tenant affordability through trading cycles while letting Landsec capture upside as footfall and sales recover.
Development profits
Disposals and JV crystallizations produce development gains for Landsec, with realised profits used to de-risk and replenish the development pipeline.
Ancillary services
Ancillary services such as parking, advertising, events and onsite amenities generate incremental income and reduce vacancy sensitivity; professionally managed and fitted space can command premiums of 10–25% in prime central portfolios. Metered data and utility recharges provide high-margin, recurring revenue while a diversified service mix improves overall asset yield and tenant retention.
- Parking — drives steady operating cashflow
- Advertising — high-margin, scalable revenue
- Events & amenities — boost footfall and rents
- Data & utility recharges — recurring, low-capex income
Asset disposals
In 2024 Landsec executed selective sales to realise value from mature assets, recycling capital into higher-return developments and urban regeneration projects. Proceeds are redeployed into development pipelines and strategic acquisitions where yields and occupational demand are stronger. Disposal timing is driven by comparative yields and market demand, with gains used to support total shareholder returns and balance-sheet resilience.
- Selective disposals: realise mature-asset value
- Proceeds: redeployed to higher-return development and acquisitions
- Timing: aligned to yield spreads and occupational demand
- Use of gains: supports total shareholder return and balance-sheet strength
Core rents £562m, portfolio £10.6bn, occupancy ~96%, WAULT ~8 years
Core income stems from office, retail and mixed‑use leases (many CPI‑linked), with rental income including service charge c.£562m in 2024, portfolio value c.£10.6bn, occupancy ~96% and WAULT ~8 years. Turnover‑linked rents and disposals/JV crystallisations provide variable upside and development recycling. Ancillary revenues (parking, advertising, events, utilities) raise yields and improve tenant retention.
| Metric | 2024 |
|---|---|
| Rental income incl. service charge | £562m |
| Portfolio value | £10.6bn |
| Occupancy | ~96% |
| WAULT | ~8 years |