AXA REIM reappoints NB Real Estate to manage £4.2 bln portfolio (UK)

AXA REIM has confirmed the reappointment of NB Real Estate (formerly Nelson Bakewell) to manage its £4.2 billion (approx. €5.8 mln) property portfolio, following a comprehensive tendering process. AXA's UK based portfolio consists of 2,400 tenants with an annual rent roll in excess of £200 million (approx. €276 mln). When combined with the CIS Pension Fund mandate, NB Real Estate's total funds managed for AXA REIM in the UK is in excess of £6.4 billion (approx. €8.8 bln).

Steve Smith, Chief Executive of AXA REIM, commented, "We are very pleased to reappoint NB. They have combined consistency and pragmatism with excellent service delivery over many years and, whilst the quality of the competition for the mandate was extremely good, NB has been able to deliver real added value in key areas."

David King, Managing Director of NB Real Estate Management Division, said, "We are delighted to continue our eight-year property management association with AXA. We are working closely with AXA to develop and introduce new innovative management solutions to deliver best value to their tenants."

Delivery of facilities management (FM) services to AXA REIM will be provided by NB Entrust, a new premium branded FM service that is committed to reducing accommodation costs while making property occupation more efficient. NB Entrust combines proven expertise and bulk purchasing power with tailored FM packages to enhance the business value of property to both the investor and the occupier.

Richard Williams, Chairman of NB Entrust, said, "FM is rising up the agenda of both landlords and tenants, both of whom require a much higher level of service provision. Occupiers are looking for bespoke FM solutions that actively support their business plans while investors increasingly see the competitive advantage of building strong, long‑term relationships with satisfied, loyal customers."

Since its soft launch in March 2007, NB Entrust has secured two other key contracts to provide facilities management services along side NB Real Estate's property management division, The Ark for GE Real Estate and 70 Brompton Road for New Star Asset Management.

Source: NB Real Estate

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