Global airline British Airways, one of the world's leading premium airlines, has appointed CB Richard Ellis (CBRE) to manage its 8.5 million-ft² (approx. 790,000 m²) global property portfolio, including more than 7 million ft² in the United Kingdom.
Mike Gedye, Senior Director of Corporate Advisory Services, CBRE, said: "This contract expands upon our well-established relationship with British Airways, allowing us to provide creative global property solutions and to make the most of strong opportunity in the market for British Airways' overseas portfolio.
"British Airways' innovative approach to the use of their property will set a leading example for the aviation industry and make use of our unrivalled experience in the sector."
Under the contract, CBRE's Global Corporate Services will provide global portfolio management and transaction management services for British Airways; consulting services on property-use efficiencies and, dilapidations; potential project management of building design, development and location, and portfolio valuation services.
In addition, CBRE has the opportunity to advise exclusively on all UK on-airport matters and is preferred property services firm for all UK off-airport and global transactions.
This announcement follows CBRE's appointment by British Airways to provide UK Estate Management services in 2003 and rating services for the company's UK portfolio from 2010-2015.
Source: CB Richard Ellis