Property investment process

Our approach is to be research-led, analytical and to add value at each stage in the investment process.

Research-led

We use forecasts and analysis to construct portfolios and select investment managers and products. Research provides a disciplined, consistent framework within which our fund and asset managers can exercise their individual skills and flair.

Analytical

All investments are thoroughly screened to assess their potential individually, and as part of a wider portfolio.

• Understand property’s role in a multi-asset portfolio
• Analyse risk
• Identify and exploit market mispricing

We formalise investment strategy through portfolio investment plans. These are monitored and reviewed as market conditions evolve, and at least annually.

Value-adding

We strive to add value at each stage in the investment process. We do this ‘top-down’ through an optimised asset allocation framework, targeting underpriced markets.

‘Bottom-up’ contributions from good stock selection, deal sourcing, and active management are fundamental drivers of investment performance.

Property investment is unusual in that value can be added after purchase, and we seek to maximise these opportunities

The diagram below shows the integrated stages of our investment process.