Crown Estate appoints Cushman to manage £1.5bn regional portfolio
The Crown Estate has appointed Cushman & Wakefield as managing agent for its £1.5bn regional portfolio.
The contract, which will last for five years, will cover property and facilities management services as well as finance and business support. The team will also work with the Crown Estate in implementing its sustainability strategy for the portfolio.
Jenny Mulligan, regional portfolio manager for the Crown Estate said: “The portfolio has been at the centre of our strategy to rebalance our commercial assets and we have invested significantly in both prime retail assets and the in-house and outsourced skills to ensure the portfolio continues to outperform.”
The regional portfolio totals 40 assets comprising 6.5m sq ft and with nearly 400 direct tenants. It includes a range of industrial and office premises, together with 14 retail parks in prime regional locations, including Leeds, Slough, Portsmouth, Harlow and Nottingham. Shopping centres are also a key part of the portfolio including two joint venture partnerships with Land Securities at the Westgate Shopping Centre in Oxford and Princesshay Shopping Centre in Exeter.
The Crown Estate’s regional property portfolio is now focused on prime regional retail properties, which total over £1bn. Its core West End holdings, Regent Street and St James’s remain a focus and Cushman & Wakefield already provide property management services to the Regent Street Portfolio under the Regent Street Direct brand.