Development Securities has played the cycle so far with panache. The group entered the downturn with a strong balance sheet and last year tapped investors for £100m (£94m after expenses) to invest in the property market. Over £60m has been invested since the fundraising and the group's investment portfolio achieved a 9.5 per cent IPD Total Portfolio Return last year, outperforming the IPD UK Annual Property Index by 6.5 per cent.
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