Morrisons Plc Appoints Cushman & Wakefield on Asset Management Mandate
30 Jun, 2011, London
Wm Morrison Plc has appointed property consultants Cushman & Wakefield to advise its Asset Management team on optimising value on a select number of retail assets within their growing property investment portfolio. The assets sit alongside trading Morrisons foodstores and the mandate will also be value enhancing to the performance of these operational stores. The selection of assets comprise mainly of existing retail warehouse schemes as well as two shopping centres totalling over 750,000sqft.
Commenting on the appointment, Terry Hartwell, Morrisons’ Group Property Director said: “We own a significant retail investment portfolio including retail parks, shopping centres and district centres, all of which are anchored by strong Morrisons foodstores. The assets included in the Cushman & Wakefield mandate have great potential for further value enhancement through strategic asset management. The Cushman’s team has a strong track record on this type of work and they will be tasked to deliver a real improvement in the performance of the portfolio in the short to medium term.”
Martin Supple, Head of Out of Town Retail at Cushman & Wakefield, said; “We are very much looking forward to working with Morrisons’ Asset Management team to identify opportunities to enhance tenant mix, increase footfall and add value. Morrisons are a major landlord in the retail market, particularly in retail warehousing, with existing tenants including Next, Argos, Wickes and DSG with scope for further improvement going forward. Similarly their shopping centre portfolio is extensive and has excellent potential for active asset management.”