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The Ethical Property Company

What they do

The Ethical Property Company own or manage 23 Centres across the UK providing office, event and retail space to 331 tenants, and meeting and events space to a further 708 organisations including charities, social enterprises, voluntary and campaign groups.

Tenants benefit from reasonable rents, flexible tenancy terms and being part of a working community where they can exchange skills and ideas.

Tenants benefit from reasonable rents, flexible tenancy terms and being part of a working community where they can exchange skills and ideas.

The Company also part owns a subsidiary organisation, Ethical IT and has interests in sister companies in Belgium, Australia and France.

What happened this year

Hastings House, Cardiff

2015/16 was big year for The Ethical Property Company as they continued to demonstrate their position as a commercially successful values led business. While continuing to support over 1,000 organisations in their 23 Centres, they also successfully completed the two largest property transactions in their history. The sale of Development House generated £19m in post-tax profits; and provided them with the funds to purchase and develop their newest Centre, The Green House in Bethnal Green, East London, which will offer twice the amount of space of its predecessor.

These transactions delivered four direct benefits for the Company: Firstly it gave the balance sheet a significant uplift, with the net asset value increasing by 76% to £2.85 per share; secondly, it increased their share price by 100%; thirdly, it resulted in an increase in the liquidity of Company shares, with 195,800 shares sold in the four months after the sale of Development House was announced; and finally it enabled them to invest in our internal processes, allowing them to improve the way they do business and deliver greater impact.

Future plans

Their five year plan, launched in September 2015, commits the Company to at least double their social, environmental and financial impact, supporting more organisations, offering better facilities, and managing greener Centres while increasing their profitability. To achieve this they have been making improvements to their existing Centres, working on plans to acquire new Centres, and disposing of those Centres that don’t deliver appropriate long term benefits for their tenants, the Company or their investors.

Potential locations in London, Bristol, Cardiff and Manchester are ear-marked for new Centres; as well as other areas of North-West England. This will enable them to better support communities in areas where they have either existing demand for space, or limited or no presence. They are also very aware of the need to continue to invest in their existing Centres and the need to achieve consistency, in terms of the services tenants receive and the fabric of the buildings in which they are based.

Key to growth is the need to raise capital. In the medium term the Company may decide to become publicly listed on a recognised stock exchange. This would support them in raising more capital, as well as improving liquidity.

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