St Martins, the international property investment, development and asset management company, has announced it has outsourced its property and corporate management across its French portfolio to leading real estate advisor, CB Richard Ellis in France.
Tour Manhattan in Paris.
St Martins has instructed CB Richard Ellis on a three year contract to manage the portfolio which totals 125,000 m². Overall the portfolio has a total rent roll of €32 million and the overall asset value is €430 million. The properties are predominantly in the Paris region.
Nigel Brown, Managing Director, St Martins, said: "We have a major programme of expansion planned for our European portfolio over the next five years and are therefore keen to concentrate our efforts on researching new markets and acquiring assets. CBRE's appointment will enable us to focus on seeking opportunities to increase our portfolio and as we have worked successfully in this way with CBRE in the UK it makes sense to extend their remit to our French portfolio."
St Martins' 18-strong property management team in France have transferred to join the CBRE team. The CBRE team will be led by Richard Wrigley.
Source: St Martins