Managing commercial property within the With Profits Fund

Around 10% of Wesleyan's With Profits Fund is made up of a UK commercial property portfolio worth around £365 million*.

The portfolio is managed by our Property Team, a group of in-house and qualified chartered surveyors. They make up part of our award-winning Investments Team.


Containing over 110 properties, the portfolio holds everything from shops, offices and industrial units to solar farms and waste management businesses. There are more than 200 tenants paying rent, including high-street names such as The Ivy restaurant, Costa Coffee, Pret A Manger, Sainsbury's (image left) and Furniture Village.

Driven to succeed, the Property Team's aim is to get the best return for our investors, while being mindful of their impact at all times. This leads them to also recognise the need to act as socially responsible property owners.

*Based on data for year ending December 2022

Why we own and manage a commercial property portfolio

As part of managing the commercial property portfolio, the Property Team focuses on holding assets in desirable locations, with environmentally-friendly credentials and good tenants. This focus contributes towards the aim of generating positive returns for our With Profits customers.

It is the team's expertise that helped our portfolio to deliver a positive return in 2022. It also outperformed the industry benchmark**.

For 2022, the portfolio generated an income of around £24 million for the With Profits Fund, demonstrating the value that holding and successfully managing commercial property can have.

** Source: MSCI Property Index

Meet our property team

Our Head of Property, Joe Curlett, introduces the team tasked with managing the commercial property portfolio.

Watch the video and find out more about the individual team members, including what they enjoy most about being part of the property team, and how they go about creating value within the portfolio.

The Property Team and ESG

Along with their aim to generate positive returns for our investors, the Property Team also considers wider environmental, social and governance (ESG) factors when managing the commercial properties in the portfolio. This aligns with the three pillars that underpin our Sustainable Investing Policy - 'reducing harm', 'having a positive impact' and 'driving change'

Here are some of the considerations the Property Team gives to ESG factors in their daily work:

  • Energy Performance Certificates (EPCs) – Our commercial property portfolio is fully compliant with Minimum Energy Efficiency Standards regulations, with 92% of properties rated 'D' or above.
  • Contractor obligations – Appointed contractors must meet a national standard and pay their staff a minimum of the 'real living wage'. They must also adopt an anti-slavery policy.
  • Tenancy obligations – We don't rent to businesses (such as those related to gambling) who fail to meet our policy requirements. This falls under our 'reducing harm' pillar.

Find out more about the Wesleyan Property Team

Q&A with Wesleyan's Property Team

To get a greater insight into the team, what they do, and their commitment to ESG, please visit our Property Team's Q&A spotlight.

Our Property Team and ESG case studies

Read some of the case studies related to Wesleyan's Property Team, our Sustainable Investing Policy, and the commercial property portfolio.