Strategic partnerships enable us to accelerate returns, stretch our equity and share risk. In most cases, we provide asset management, development, corporate and financial services for which we earn performance and management fees. Around half our assets by value are in joint ventures or funds. See more detail on these below.

Each joint venture is a separate entity, controlled by a board carrying equal representation from each partner. The entities are able to raise finance on the strength of their assets, with no recourse to the partners, thereby significantly lowering the initial equity investments. The enterprise is shared by the partners, over an agreed lifetime for the venture.