RREF Inaugural Annual Lecture

Annual Lecture

On Monday 9 May 2011 speakers Paul Clark, Director of Investment and Asset Management, The Crown Estate, Mark Preston, Group Chief Executive, Grosvenor, and Toby Shannon, Chief Executive, The Howard de Walden Estate discussed the topic of 'Central London Estates - Diversification or Focus, which is the most appropriate strategy?'

Mark Preston explained to a sold-out audience why he favours diversification, showing how Grosvenor has benefitted from investing across a variety of sectors and international locations. Whereas Toby Shannon, whose business owns 90 acres of prime in central London, argued the case for remaining focussed in a market they have known for hundreds of years, using sector diversification, not location.

Paul Clark then discussed the rationale for diversification within the UK as well as reviewing the merits and constraints of the Crown Estate's unique set-up and a property portfolio encompassing many of the UK's cityscapes, ancient forests, farms, parkland, coastline and communities.

The evening was well received by a high calibre of guests from across the industry.

The Chair of the evening, Bryan Laxton, CEO UK, Cushman & Wakefield LLP, commented:

'Even on the global stage only London can boast around 600 acres of truly prime city centre land owned by three major landlords for hundreds of years with a current value around £6 billion yet with quite different strategies. We were very fortunate to have the heads of the Crown, Grosvenor and Howard de Walden estates speak at the inaugural RREF Annual Lecture and explain the reasons for their different strategies over a number of years.

Each put forward compelling cases for their own strategies and each has undoubtedly performed in the long run. All three recognised that they were fortunate to have such prime real estate in the heart of London as a starting point for their long term investments.'

Nick Pemberton, Partner at Colliers International commented:

'The evening was very interesting and the speakers gave us a real insight into their organisations and the issues they face'.

For photographs of the evening events, please vist: