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MU·05 · Twosqft Realty Ltd
Twosqft is the group's real estate arm — commercial and industrial space held for income rather than resale. We buy, fit out and manage; leases run long, tenants are operating businesses, and the rent roll is reconciled with the same discipline we apply to a production allocation.
The distinction sets everything else. A developer optimises for an exit; an income owner optimises for the twenty years after handover — which tenant, on what term, with what capacity to pay through a downturn.
That is the same question the rest of the group asks of an offshore block or a blending plant, and it is why real estate sits here rather than being an unrelated diversification.
Offices and business parks let to operating tenants on long leases. We prefer tenants whose business we can understand, in buildings where we control the servicing, over higher headline rents from covenants we cannot assess.
Built-to-suit sheds and logistics space close to freight corridors. Industrial assets suit an owner-operator: specification is driven by the occupier's process, fit-out is a capital decision rather than a cosmetic one, and lease terms are naturally longer.
Fit-out, facilities and tenant servicing kept in-house rather than outsourced. Outsourced facilities management is cheaper per square foot and worse at the thing that actually determines renewal, which is whether problems get fixed before a tenant has to chase them.
Lease administration, escalation tracking and collections reconciled monthly. A rent roll is an allocation problem wearing different clothes: contracted entitlement, measured occupancy, escalations that apply on different anniversaries, and recoveries that have to be apportioned across tenants. We treat it with the same reconciliation discipline the oil and gas platform applies to production.
Selective ground-up development, only where we already hold the land. Development risk is accepted where it is a construction and leasing problem; it is not accepted as a way to acquire land at a discount.
What Twosqft does
“A developer optimises for an exit. An income owner optimises for the twenty years after handover.”
How we underwrite
01
We prefer a tenant whose business we can understand to a higher headline rent.
02
Fit-out driven by the occupier's process, not by a letting brochure.
03
Facilities kept in-house, because renewal turns on whether problems get fixed unprompted.
04
Rent roll, escalations and recoveries reconciled monthly like any other allocation.
Questions
Twosqft is the real estate arm of Mishra United Group. It acquires, fits out, lets and manages commercial and industrial property held for rental income rather than for resale.
Commercial offices and business parks let to operating tenants, and built-to-suit industrial and warehousing space near freight corridors. The portfolio runs to around 2.4 million square feet across 18 assets.
No. Fit-out, facilities and tenant servicing are kept in-house. It costs more per square foot and produces materially better renewal rates, because issues are resolved before a tenant has to escalate them.
Selectively, and only on land we already own. We take construction and leasing risk where we understand it; we do not use development as a route to acquiring land cheaply.
Yes — leasing and tenant enquiries go through the group contact address and are routed to the Twosqft leasing desk.
Continue
Leasing and built-to-suit enquiries go straight to the Twosqft desk.