My reading of this is that it's a commercial strategy to use its property assets to produce a new, long term revenue stream. It has the added advantage that, as well as its rental income, they can supply furniture from stores to flats for those that wish that (I'm not clear if that is for additional rent or a one off sale), plus, as they will add a Waitrose to each development, also maintain grocery sales. I'm guessing but it seems to be aimed at the affluent middle classes? The target market and the standards of construction - including how "green" they will be - haven't been made public as far as I know but I'd assume they must have a fairly detailed plan if they're looking to cover a significant amount of revenue lost from other sources. I guess an important aspect is that they're retaining the property assets which will presumably give them a chance to review and if necessary revise the use of some or all of those assets at a later stage.
Michael Ixer ● 1674d