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Aviva Investors selects C&W to manage UK portfolio
11 Dec, 2009, London
Cushman & Wakefield announced today that it has secured a major UK property management mandate on behalf of Aviva Investors Property Trust, (AIPT). The Fund’s portfolio includes a mix of shopping centres, high street retail, retail parks, industrial estates, business parks and leisure schemes throughout the UK.
The instruction was won following a competitive tender and is for property management of the assets, including all treasury services and landlord and tenant relationship management, including full facilities management support.
The portfolio comprises 69 properties with a total of 539 tenancies and a rent roll of circa £83.8m p.a. Assets include the Omni Leisure Centre, Edinburgh, 123 St Vincent Street, Glasgow, The Triangle Shopping Centre, Manchester, Guildhall Shopping Centre, Exeter, Broadway Plaza Leisure Scheme, Birmingham and Princes House, Piccadilly, London (home of BAFTA).
The properties are spread across Scotland, England and Wales and will be managed from Cushman & Wakefield’s Glasgow, Manchester, Birmingham and Central London offices.
Philip Nell, fund manager at Aviva Investors said: "We are very pleased to have made this appointment and feel that the energy, innovation and focus of Cushman & Wakefield’s team would be a great move for the Fund at this point in time. We would like to thank the current management team, King Sturge, for the hard work and commitment they have shown to the fund over the 13 years they have managed the portfolio, The appointment will take effect at the end of the first quarter next year.”
Fiona Hobson, asset management partner at Cushman & Wakefield’s Manchester office said: “We are delighted to have been selected for this major UK mandate as it reflects the extensive capabilities of Cushman & Wakefield’s national property management team and further strengthens our existing relationships with Aviva.”
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