LONDON-Crown Estate has hired Cushman & Wakefield to handle property management at its $2.4 billion regional portfolio here. The 40 properties, comprising about 6.5 million square feet, are predominantly retail centers.
Anne Rush, a partner at Cushman, will lead the implementation of the five-year contract, which includes property and facilities management, as well as work on a sustainable strategy. The portfolio includes a range of industrial and office properties, as well as 14 retail centers totaling about $1.6 billion in value. The properties are located in locations such as West End, Regent Street, Leeds, Slough, Portsmouth, Harlow and Nottingham.
The portfolio includes assets such as Westgate Shopping Centre in Oxford and Princeshay Shopping Centre in Exeter. Crown has a 50-50 partnership for ownership of these properties with Land Securities.
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Jenny Mulligan, regional portfolio manager for Crown, said in a statement that Cushman put together an excellent proposal. “The portfolio has been at the center 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,” he said. The entire Crown Estate, the governmental holdings of the United Kingdom, is valued at about $11.1 billion.
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