and cutting $150 million annually from its overall costs.
“So investments is a lower ROIC [return on invested capital], but a more recurring income stream versus development [which] will have a bit more of a transactional element. So that aims to deliver a higher return.
The global slowdown in office also prompted the company to halt construction of its mixed-use $1.9 billion Hayes Point office and residential project in San Francisco, until it found a tenant of sufficient size or a capital partner for the project in which it has already invested $260 million.“It was a decision over the last couple of months to pause, but it was really making sure we de-risk it appropriately,” Mr Lombardo said.Funds under management grew by 9 per cent to $48.