A man with a mission
Over the next two months, Richard Walker, founder and managing director of Bywater Properties, will not be answering his mobile phone. Together with his father Malcolm Walker, Iceland Food's founder and CEO, he is on a mission. At the end of March, they joined a British expedition to climb Everest. The Walkers' personal goals are to reach the North Col of Everest at 7,020m and to raise at least GBP 1 mln for Alzheimer's Research UK, which is funding research into a cure for early onset Alzheimer's disease. The research is being carried out by UCL's Institute of Neurology. Fingers crossed!
What do you like most and least about doing business in Central Europe?
Most of all I like the opportunities that can be found in the CE region. The UK has an overly developed real estate market, which makes finding good deals very difficult. On the downside: notaries! We don't have a notary system in the UK and so the whole concept seems bizarre to me. They slow down deals, increase transaction costs and (if both sides are acting honourably) they shouldn't be needed.
Who do you most admire in the real estate business?
A lot of people - such as Gerald Ronson, Tony Gallagher, Eugene Golub and David Mitzner. All are big personalities who took calculated risks and grew great property companies.
How did you first get into real estate?
During university I did some work experience with a local company in Liverpool and I was immediately hooked! After university I managed to get a place on the graduate recruitment scheme at Jones Lang LaSalle. This was ten years ago and the company spent a great deal of time and money on their new recruits.
What do you regard as your greatest professional success so far?
We've built up a great portfolio of assets in the UK and Poland and have a fantastic team of people working hard in both countries. We have grown through the downturn and I think Bywater Properties is well set for the future.
What is your greatest failure?
It's not a failure but I wish we'd started in Poland five years earlier. But then again I'd have been too inexperienced and wouldn't have got backing.
What contribution do you think you have made to society through your business activities?
Business creates jobs and pays taxes, which is great for society. And business people should never forget the positives they can bring to those less fortunate. Our Everest expedition aims to raise GBP 1 mln for Alzheimer's Research, a very worthy cause. It is a suitably massive amount of money for the hugely ambitious goal of climbing the high est mountain in the world.
Which major projects are you planning in the near future?
Bywater Properties is back on the acquisition trail. We are buying retail gallery developments of up to 3,000 sqm with food anchors. This is to complement some of our existing assets. We are also looking for opportunistic investments where we can utilise our asset management skills to target higher returns. We can go for transactions up to EUR 40 mln, which is much bigger than we have previously done and should take the firm to the next level.
Which is your favourite building and why?
It has a lot of detractors, but I think that the recently completed ?One Hyde Park' in London is great. As well as admiring the Lord Rogers-designed building, I like the story behind it: two young entrepreneurs with massive determination have managed to pull off a GBP 1 bln development despite the economic crash. Awesome.
Which living person do you most admire and why?
Bill Gates is one of the greats - a revolutionary entrepreneur, a top CEO, and the world's biggest philanthropist.
What is your fondest memory?
My wedding in December was a fantastic time. It was great to have our friends from Poland and the UK all together for a big party.
What is your idea of a perfect day?
With the aid of a transporter: in the morning I would surf a reef break in Barbados, then go for a long country walk followed by a pub lunch in England, and in the afternoon close a property deal in Poland!
Which is your favourite restaurant and why?
We discovered the most magical place some years ago, hidden away in the forests of Białowieża. ?Restauracja Carska' is the former private railway station of Tsar Nicholas II, who used to come to the area to hunt. It has been meticulously restored and serves fabulous ?traditional Polish' food. I am planning on flying our UK investors out there and hiring it for our next board meeting - they will love it!
Who is your closest friend and why?
My business partner Theo Michell and I have had some amazing adventures growing Bywater Properties. He's a great business partner and friend.
Which characteristic do you hate most in others?
Hate is too strong a word, but in business I have no time for people who lack integrity. Honesty and good ethics are paramount in business.
How would you like to be remembered?
As a good husband, father and property entrepreneur!
Richard Walker started his career at Jones Lang LaSalle, where he worked in asset management, West End investment and office and industrial investment in Poland. At the age of 30 he is now the managing director and founder of Bywater Properties, a private equity firm investing in the commercial property markets of Poland and the UK since 2002. The firm, which has offices in London and Warsaw, currently has assets under management valued in access of EUR 50 mln. In Poland the firm is planning to develop a nation-wide chain of smaller retail outlets.
