Buildings. Tenants.
Rent.

A building is only worth what somebody will reliably pay to occupy it, so we start at that end: who is in there, how long they are contracted for, what happens to their business in a recession, and how quickly the space could be relet. The bricks come second.

That preference shows in what we own: offices, flats and warehouses in places where demand does not rest on one employer or one industry. Long leases with tenants who can pay them, rather than short leases at a headline rent nobody renews.¹

No single city or sector is allowed to dominate. A local downturn should cost us a line, never the column. That constraint has kept us out of several markets we rather liked, and we treat it as a feature rather than a cost.

We are landlords, not traders. A building we cannot picture owning in fifteen years is one we do not buy.

Rent is the point, but not the whole of it. Where a district is visibly improving we buy ahead of it and wait. Any gain in value is a second return stacked on the first, and we are content for it to arrive slowly.

Rent is collected monthly and pooled centrally. Running costs, repairs and a reserve for the roof that will eventually need replacing are taken first. What remains is distributed to investors each quarter, on the published date, and credited to your balance.²

Gaining exposure to any of this takes a single allocation. You never see a tenancy agreement, a service-charge dispute or a quote for a new boiler.³

Property is a business of small, dull, repeated decisions. We make several thousand of them a year so that your involvement stays at none. Somebody has to read the lease.