Jones Lang LaSalle has beaten Nelson Bakewell to win a contract to manage close to £7bn of UK property
Scottish Widows Investment Partnership has selected JLL to be the sole UK property manager of the company’s entire UK direct property portfolio on behalf of its clients.
The contract, which has been awarded with effect from 1 September, was formerly held jointly by JLL and Nelson Bakewell.
Tom Laidlaw, head of property at SWIP, explained the change: ‘It is simply because we wanted to concentrate our resources on a single manager to try to improve efficiencies on the management contract.’
SWIP’s UK property portfolio totals around £7bn, though not all of it is directly owned property.