Finance Director Philip Magnus has been at W.RE for five years, where he has seen the business grow to having a total of £1.5bn of assets under management. Having studied IT at the University of Manchester Institute of Science and Technology (UMIST), he began his accounting and finance career by qualifying as a chartered accountant while working in the real estate audit department at BDO. He then moved into BDO’s corporate finance team as a real estate specialist, before leaving to join Fulcrum Infrastructure Management to oversee the finances of major PFI infrastructure projects. Magnus also speaks Mandarin Chinese, having spent time living and working in China after university for the family importing business. In his spare time, he enjoys travelling, eating good food and listening to an eclectic array of music.

What was your first job, and what is the worst job you’ve ever done? 

My first AND worst job was stacking supermarket shelves to earn some extra cash while at university. We were a team of temporary workers sent in to stock a brand-new store. There was some satisfaction from seeing empty shelves being transformed into a fully stocked, shiny and new supermarket, but I must admit I didn’t find it particularly stimulating. I only lasted a couple of weeks.

Was finance your first career choice, and what were you doing before? 

I studied computer science at university and had always thought I would go into software engineering. However, I found it rather isolating sitting in front of a screen writing code for days on end. I eventually decided to join the family business, which was importing footwear from China and India and supplying the UK high street with shoes. This was a great grounding for my future career as a CFO, as I was negotiating deals with suppliers and customers, installing systems for the smooth processing of orders and travelling to Asia to visit factories for quality control (all while keeping up to date with the latest footwear trends).

Why did you choose a career in the commercial real estate sector? 

When I decided selling ladies’ footwear wasn’t really for me, I was struggling to figure out what career to choose. A friend of mine had been through a similar experience a few years earlier and suggested I become a chartered accountant because it was a versatile qualification that led to a whole host of future career options. The accountancy firms seem to like candidates with a few years’ work experience behind them, no matter how random or varied that experience may be. I applied for a graduate scheme at BDO and was placed in their real estate audit team. I’ve remained in real estate ever since. I was attracted to the tangible, bricks and mortar nature of the product, which is relatively straightforward to grasp, and the easily accessible market with low barriers to entry. 

Why do you enjoy the sector?  

I enjoy seeing the impact a well-designed property can have on society for future generations. At W.RE we look to maximise returns while ensuring our buildings have a positive impact for the occupiers, local residents and other stakeholders. Some examples include increasing green spaces, designing buildings to BREEAM Excellent standard, improvements to nearby properties, upgrading amenities and promoting lower carbon emissions. Knowing we have the ability to positively impact our surroundings is definitely the most satisfying part of this job. Considering the environmental and social issues at the very outset of a scheme means that with even modest additional expenditure one can significantly improve the ESG qualities of a property.

What’s a typical day like? 

No two days are ever the same, but with London being under more severe lockdown measures, more and more of my time is spent at my desk with meetings over Zoom. Meetings take place throughout the day, with colleagues to catch up on the latest news with our development projects, with clients to help with any reporting needs or queries they may have, with bankers to arrange finance, and with various other external professionals such as lawyers, auditors and administrators. 

Who or what has had the biggest impact on your career? 

It was probably the decision to switch from shoe salesman to chartered accountant. I remember saying throughout my teenage years that I would never become an accountant as it seemed like such a dull and boring profession. I thought that I would want to do something far more creative. However, accountancy has opened up a whole host of opportunities and there doesn’t seem to ever be a shortage of work if you have an ACA qualification. As a CFO, I have to deal with all sorts of issues, such as book-keeping, treasury, finance, forecasting, tax – and even dabble with IT and HR. My training as an ACA has put me in good stead to fulfil these functions, and I would thoroughly recommend a career as a chartered accountant either in practice or within any industry.

What advice would you give to people at different levels on developing their careers? 

I have been with W.RE for five years and I’m constantly learning. For example, it may be a new legal issue on a property financing, or a change in tax legislation, or clients with fresh demands, or an update to systems and processes. My advice is to make sure you are in a role where you constantly feel challenged and you are always improving your knowledge. Also, never be afraid to ask questions. Everyone I meet who is more advanced in their career seems very willing to give advice when asked. So don’t be afraid to take advantage. 

Who inspires you, and why? 

My dad is a big inspiration, and I feel fortunate to have had the opportunity to work for him straight after university. He instilled in me a strong work ethic and the importance of ethics and keeping one’s word. He helped me very early on in my career to develop skills such as the art of negotiation, attention to detail and leadership, all of which have been invaluable throughout my working life. Throughout my childhood he worked extremely long hours and did everything within his power to provide for the family. He is now 84 years old and refuses to stop working!

What are your strengths and weaknesses? 

My strengths are I’m very well organised and good at making sure things get done. I’m seen as a safe pair of hands who will ensure a job is done to the best of my ability. I feel I’m weak when it comes to creativity. I am not always the best person at coming up with original and new ideas, but once I’ve been given an idea I can run with it and make sure it gets executed.

What do you think are the common qualities that the best leaders have? 

I’ve always been inspired by leaders who show integrity above everything else. I feel it’s hard to respect a leader who doesn’t practice what they preach. I’ve also always admired a leader who can rattle off their achievements while also admitting their mistakes and what they learned from those errors. 

What are you most proud of?

When I joined W.RE it was originally a small start-up and subsidiary of a family office, without a proper finance department. I set up the finance function from scratch, installing new systems, improved client reporting and overhauled the forecasting and modelling processes, thereby helping what was a fledgling entrepreneurial business expand into a major commercial real estate asset and development manager. It was a lot of work to put all of this in place, but I am proud of achieving this and was grateful that my colleagues put their full support behind me and let me crack on with implementing much-needed change.

Why do you feel championing inclusion and diversity is so important? 

There’s no doubt that businesses thrive when they are diverse and inclusive. Having a diverse workforce brings to the table different experiences and knowledge. It’s still shocking that someone can be prevented from work due to the colour of their skin or because of the type of hair they were born with (to give just a couple of examples). The recent Black Lives Matters movement has highlighted stories of discrimination that are heart-breaking. I’m proud that at W.RE we couldn’t care less about someone’s age, gender, race, religion or sexual orientation. Unfortunately, it’s still the case that when we look to recruit new staff, the overwhelming majority of CVs received are from white men. We need to understand why our industry isn’t attracting more minority groups and do what we can to encourage people from all walks of life to pursue a career in real estate.

Where do you see the real estate sector in 10 years’ time? 

At W.RE we focus on office-led commercial real estate schemes. I believe we will see the continuing trend of the office being part of one’s lifestyle rather than just a place to work. Workspaces are becoming more inviting, better connected and better at facilitating collaborative working while feeling like attractive spaces people want to work in and spend time in. For real estate in general, proptech will become of increasing importance, and I’m excited about a whole host of products coming to market for the real estate sector, especially technology that brings significant ESG improvements. This could be by aiding more sustainable construction methods, lighting solutions to improve productivity, or monitoring and improving energy consumption.

What are key challenges for business directors/partners in 2021? 

It looks like covid-19 will still be with us well into 2021, and it’s currently impossible to predict the timing of lockdowns and restrictions easing. This uncertainty is never good for markets (be it real estate or any industry), and directors will need to ensure that they forecast various scenarios and have contingency plans in place to allow them to continue to operate in these uncertain times. It will also be key to ensure staff are motivated and feel valued if working remotely, while giving consideration to their wellbeing during what has been a stressful time for families. We have seen examples of companies that have slowed down due to staff working remotely, so for example, when I would normally expect a response from someone within a day, I may now have to wait two or three days. Directors need to ensure that the systems and processes in place for working remotely are of a high standard to ensure no interruption to the usual operation of the business.

Finally, what do you do to relax? 

I have a passion for travelling and it really helps me relax, whether it’s seeing ancient temples and artefacts in Egypt, climbing a volcano in Sicily, scuba diving with sharks in the Philippines, walking the streets of New York, partying in Rio or relaxing on a sunny beach in… well, anywhere, really!