SWIP (Scottish Widows Investment Partnership) today announces that it has awarded the property management of its £8.5 billion (approx. 10.1 billion) UK portfolio to Jones Lang LaSalle, following a competitive tender of its UK portfolio.
Commencing in March 2013, Jones Lang LaSalle's existing instruction will expand to cover the Clerical Medical and HBOS funds currently managed by other real estate agents under a new single supplier appointment.
The new agreement means that Jones Lang LaSalle will oversee the administration of the tenant management function, with annual occupier billings in excess of £500 million (approx. 597 million) per annum, together with site services procurement, engineering services, security and energy for property assets owned by Scottish Widows, Clerical Medical, HBOS and SWIP managed funds.
Commenting on the tender, Peter Lillington, Head of Institutional Real Estate at SWIP, said: "Given the wide ranging opportunities that lie ahead for SWIP's property investment clients, this is a key appointment which has been structured to deliver high performance, operational efficiency, and rapid scalability across any sector and geography as required."
Nigel Wheeler, Chairman of Jones Lang LaSalle's UK Property and Asset Management (PAM) team, added: "Following a highly competitive process, we are delighted that SWIP has selected Jones Lang LaSalle and we are looking forward to supporting its further growth over the next five years. Property management is at the heart of our firm and very important to us on a global scale, we are investing heavily in this business area to drive change, efficiency and innovation."