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Property fund manager ISPT has selected CBRE to be the exclusive property manager of the wholly owned assets in its portfolio worth over $21 billion.
The superannuation investor, which owns the entirety of more than 120 properties in six Australian states and territories, was seeking to consolidate its building operations, property accounting, experience services, procurement services and technology enablement into one operator. CBRE has come out on top of a competitive market tender, which will put the major commercial property in charge of streamlining efficiencies across the vast network.
“This partnership is all about delivering market-leading performance at pace and we see huge opportunities across marketing, tenant care programs, procurement benefits and customer insights, which ultimately will lead to a better experience for our tenant partners and outcomes for our investors,” said ISPT head of property, Amanda Steele.
She explained that the partnership will also allow the firm to evolve its strategy in how it considers the needs and performance of individual properties.
“Another key focus of the partnership, representing an industry first, will be the adoption of a precinct approach to ISPT’s national portfolio rather than the traditional asset-by-asset view. This will drive innovation and workflow improvements across the portfolio,” said Steele.
The deal comes on the heels of ISPT’s co-acquisition of a 280-hectare greenfield logistics development site immediately adjacent to the entrance to the new Western Sydney International Airport in a 50/50 joint venture with UniSuper, expected to yield 400,000 square metres of gross floor area worth close to $4 billion.
Having won management of the massive portfolio, CBRE has committed to establishing a new charitable fund that will donate 1 per cent of of the gross revenue from the partnership to creating better property outcomes for the people who need it in the communities where ISPT invests.
“Through the charitable fund, we’ll also have the opportunity to invest in new ideas and projects in affordable real estate, be it housing, retail, industrial or workplace. This is a sector first, which aligns with ISPT’s commitment to equity in prosperity,” said Natalie Slessor, executive managing director of property management for CBRE.
“We are thrilled that ISPT has chosen us as their partner, which we believe will set a new property management standard in the marketplace. We are well positioned to help ISPT deliver exceptional experiences for their tenant partners and further drive overall value creation for its Australian property portfolio,” she added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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