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In line with international best practice, the asset management
function was integrated at the time of the merger in 2009.
The internal asset management team comprises experienced
asset managers and specialists in key areas of leasing,
retail, and development, and is responsible for the strategic
management of the property portfolio and for making recommendations
to the executive committee regarding acquisitions, disposals
and redevelopments.
The portfolio is assessed to ensure that each property
achieves maximum potential in the short and medium term.
Risk analyses are conducted regularly to expose potential
and current risks within the portfolios. The team oversees
the preparation of income projections, which are reviewed
and analysed and, where appropriate, properties are identified
for disposal or redevelopment.
The portfolio is physically inspected on a regular basis
to ensure that the properties are being maintained to
an acceptable level. Maintenance plans are prepared and
implemented in conjunction with the property managers.
Careful consideration is given to identifying properties
that can benefit from upgrades, renovations and extensions,
and feasibility studies are conducted to appraise the
opportunities.
Once the relevant approvals have been obtained, the asset
management team works with the development team to appoint
and brief professionals for all capital projects and oversees
all of these projects. They also control the capital expenditure
for new developments, refurbishments and improvements
to properties in the portfolio.
Specialist skills
A number of internal specialists are employed to manage
key functions:
Development
Headed by Mike Ruttell, the development team is focused
on redevelopment, refurbishment and expansion of existing
properties as well as new developments. The team appoints
and coordinates all professionals, deals with local councils
to oversee town planning issues, and controls construction
and project management.
Retail
Mike Lewin, a retail property expert, provides specialist
knowledge and strategic and operational input for the
retail portfolio. He is assisted by an experienced retail
leasing team whose responsibilities span the 1,1 million
square metre retail portfolio. He works closely with the
national retailers and is integrally involved in the redevelopment
of Redefine’s retail centres. Whereas no contract exists
between Redefine and Hyprop, due to Redefine’s sizeable
investment in the retail focused company, Lewin also provides
strategic input for Hyprop’s portfolio.
Leasing
The leasing team, under the national leasing manager,
is focused on letting the vacant space in Redefine’s property
portfolio. Leasing strategies are devised for every building,
and, where appropriate, third party brokers are appointed
to secure tenants. Generous incentive programmes are provided
to ensure that vacant space is let.
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