Tim Green talks to Frankie Whitehead, finance director of Tritax Big Box REIT.
Frankie Whitehead has been with Tritax for seven years, having joined the company shortly after the IPO of Tritax Big Box. A lot has changed in that time, including the logistics asset class establishing itself as a true subsector of the commercial real estate market.
More recently Whitehead became an equity partner of Tritax Management. Prior to that he spent four years at JO Hambro acting as financial controller for primary health properties, working alongside Harry Hyman and Nexus in the joint manager role for the healthcare REIT. Whitehead was previously an audit manager for PKF (which later merged with BDO); he worked for the firm for six years with clients including the Rocco Forte Hotel chain and Fulham Football Club. He is also a on the board of governors of a private girls’ school local to his Kent home.
What was your first job, and what is the worst job you’ve ever done?
While still at school and during the summer holidays I worked for an insurance broker, in rotating positions within the finance team. My worst job must be producing the financial accounts for family members’ businesses, because it’s unpaid.
Was finance your first career choice, and what were you doing before?
Growing up, like a lot of young men I was a football fanatic. I spent time on the books at Arsenal under Liam Brady as part of their youth team set-up, and therefore for some of my upbringing I did aspire to be the next George Best. But a career in finance comes a close second!
Why did you choose a career in the commercial real estate sector?
Real estate has always been something that I have taken a personal interest in. It has been an investment that has tended to perform well when taking a long-term view. It’s also an asset class that brings variety in the sense of the multiple sectors within the commercial real estate market which are constantly evolving and providing new challenges.
Why do you enjoy the sector?
It has been fascinating how what has historically been seen as a cyclical market has evolved in recent times to one that has seen a greater level of polarisation. Structural change and the changing habits of consumers have been driving the retail and logistics markets, particularly, for some time now. Covid-19 and its impact has only accelerated these trends. The challenge for every landlord moving forwards is to provide customers with the right, flexible space for the future.
For some of my upbringing I did aspire to be the next George Best. But a career in finance comes a close second!
What’s a typical day like?
Every day is unique, which is what gets me out of bed in the morning. There are certainly more Zoom calls than there were before covid-19. The challenge that we faced on 17 March 2020, having to transition the entire business into a full-time work-from-home operation almost overnight, is something I feel we dealt with particularly well. We continue to remain fully operational and very efficient in the working-from-home environment 12 months on.
Who or what has had the biggest impact on your career?
Tritax. I joined the Tritax Group nearly seven years ago following the IPO of Tritax Big Box REIT plc. At the time Tritax Group managed £1.4bn of AUM and Tritax Big Box had a portfolio of around £150m. Roll forward seven years and Tritax Group has launched a number of new funds and grown the AUM under management to £5.5bn; Tritax Big Box has raised over £2bn from the equity markets during this time and now has a portfolio of over £4.4bn.
What advice would you give to people at different levels on developing their careers?
Try and surround yourself with people who you will learn from and who are willing to challenge you. Don’t be afraid to speak up if you have an idea that you think is worth exploring.
Who inspires you and why?
My children. I’m sure all parents will say the same: you want nothing but to provide them with a platform to succeed.
What has historically been seen as a cyclical market has evolved in recent times to one that has seen a greater level of polarisation
What are your strengths and weaknesses?
I am sure my colleagues would have something to say about this, but I believe my strengths include forward planning and good time management along with an attention to detail. I tend to over-analyse, when sometimes acting on instinct would get me the same result but in a quicker fashion.
What do you think are the common qualities that the best leaders have?
Hard work, dedication and an ability to lead by example. Also, someone that can filter out all of the immaterial elements to a task and give clear thought and direction.
What are you most proud of?
Other than my family, it would be the journey and success that Tritax Big Box has seen over the last seven years, from a fledgling start-up to its current position within the FTSE 250 with a £3bn market cap.
Why do you feel championing inclusion and diversity is so important?
Life is about equal opportunity. Without involving people from different backgrounds and cultures, we are not able to consider different perspectives in a way which may improve the overall outcome.
Where do you see the real estate sector in ten years’ time?
I have no doubt that ESG (particularly climate change) and technology have a huge role to play over the next ten years within our industry. Those that embrace the challenges that come with this are likely to be the ones that succeed. Within the logistics industry specifically, I can see the need for many more logistics buildings being required within the UK over this timeframe. I think that there is still a very long way to go in terms of occupier demand for the space that we can offer.
From an operational perspective, I think a lot of businesses are just beginning the journey of what the future of office working looks like
What are key challenges for business directors or partners in 2021?
On a macro level we need to closely monitor how the UK economy navigates its way out of the covid pandemic. Fingers crossed as we are just starting to see signs of that, and the vaccination programme is going better than expected. As a result of this we need to be mindful of factors such as interest rates and inflation, but we are fortunate to be operating in a market which has such powerful structural drivers. From an operational perspective, I think a lot of businesses are just beginning the journey of what the future of office working looks like.
Finally, what do you do to relax?
Anything that involves days out with the family. I also enjoy my golf albeit I don’t play as often as I would like to. More recently I have joined a cycling club with a group of friends, and we are all training for the London to Brighton ride later this year.
