People Property Place Nick Leslau, Chairman and Founder, Prestbury Group – Why Capital Is Turning Away From Britain
Jan 12, 2026
Nick Leslau, a veteran UK property investor and founder of Prestbury Group, shares insights from his extensive career in real estate. He delves into the pivotal role of credit over property in investment risks, stressing the impact of debt on market crashes. The conversation touches on his early career decisions, the importance of teamwork, and the need for discipline in decision-making. Leslau also discusses the future of real estate amid AI advancements and shifting demands, and how current UK policies are discouraging international investment.
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Missed Securitisation Windfall
- Leslau described selling ground-rent portfolios early and missing a securitisation wave that multiplied values.
- He called that first taste of success "jammy" luck but learned about securitisation and AAA credit pricing.
Waiting Out The Crash In An Empty Office
- After selling into cash pre-crash, Leslau and Franco sat in an empty building and played basketball as markets collapsed.
- That quiet period taught patience and prepared them to buy selectively when opportunities returned.
Credit, Not Property, Drives Crises
- Real estate booms end when credit booms end because debt, not property, is the true systemic risk.
- High LTVs amplify returns on the way up and destroy equity on the way down.
