2020 Entered the COVID-19 crisis with >£20 million in cash following the sale of the Group’s largest directly owned property, Chałubińskiego 8 (CH8), Warsaw
2017 Acquired an office park in Krakow, Poland, out of administration. Turnaround required, including resolution of legacy litigation
2016 Varied PDR strategy to invest in offices for rental growth (as opposed to for development) due to PDR resulting in diminishing office supply / rising rents
2016 Switched investment focus to larger property as “institutional” investors (which ordinarily dominate this section of the market) withdrew after the Brexit vote
2013 Recommenced development activity in the UK in response to the introduction of Permitted Development Rights (PDR) and the boosting of demand for residential property with the “Help to Buy” scheme – achieved IRR of 98% for clients without leverage
2009 Re-entered the UK commercial property market following a circa 50% fall in capital values
2008 Prepared for the arrival of the credit crunch in CEE by reversing our asset management policy of waiting until lease expiry to renew leases. As a result 70% (by value) of leases were extended beyond 2012
2005 “Yield gap” all but disappeared in the UK. Began looking abroad for markets which exhibited high economic growth coupled with high commercial property yields – settled on Poland
2001 Switched primary focus from commercial property development to investment following interest rate cuts post 9/11 – these resulted in a widening of the gap between commercial property yields and interest rates (“yield gap”), which in turn enabled development type returns to be earned from commercial property investment without relying on unpredictable capital gains
2000 Admission to AIM via a reverse takeover of Hansom Group plc