CBRE's UK Property and Asset Management team has been appointed by Aberdeen Asset Management to manage a £1.2 billion (approx. 1.5 billion) portfolio CBRE now manages assets totaling £1.9 billion on behalf of the global investment management group.
CBRE will carry out the day-to-day management of the buildings, liaising with the occupiers and working closely with Aberdeen's Asset Managers. Aberdeen manages the UK property portfolio on behalf of an institutional client and the portfolio, which comprises 41 properties, includes a shopping center in Cambridge and prestigious city center multi-let office buildings.
CBRE has a long-standing relationship with Aberdeen, having managed the real estate assets held in by one of their client funds since 2008. CBRE have also been reappointed on this instruction, with additional properties added to the portfolio, now 88 in total.
Amanda Gupwell, Property and Asset Management, CBRE, said, "We are delighted to expand our relationship with Aberdeen Asset Management. This is a significant outsourcing mandate, which underlines our growing capability in this area, and our track record of managing premium assets."
Stephanie Handley, Head of Property Management, Aberdeen Asset Management, said: "Aberdeen took a decision early last year to rationalize their number of property managing agents we engage working only with companies able to offer a high level of expertise, innovation and commitment."