Nelson Bakewell, the independent property consultancy, has selected The Asset Factor, Helical Bar's property asset management and outsourcing partner, to create a 50:50 Joint Venture (JV) to provide Facilities Management (FM) services to its current and future client portfolios.
The new venture has been established in response to the changing nature of facilities management, primarily following the introduction of REITs in the UK, and to provide a superior standard of customer service to both tenants and occupiers.
The initial scope of service of the new venture is significant and will embrace over 20 million ft² of commercial space and over 30 shopping centers alongside industrial and residential portfolios. Overall, approximately £70 million per annum of FM service expenditure will be managed by the new joint venture.
Richard Williams, Chairman of SRM and Managing Director at Nelson Bakewell, stated: "We have operated at the forefront of property management in the UK for many years, and seen the demands of building owners and occupiers change dramatically in recent times. We recognise the importance of innovation and continual improvement will bring these qualities to the new service offer."
Oliver Jones, Chief Executive of The Asset Factor, confirmed: "We will be creating a new, premium branded, market-leading property management business. We want to be recognised for providing superior customer service and innovation, which will drive better investment value for our clients' portfolios. It is essential that we learn from markets such as those in the USA where top quality service in multi-tenant environments has become the calling card of the leading management businesses."
Source: Nelson Bakewell