Prior to the merger, Redefine and ApexHi outsourced asset management to Madison. The merger has resulted in the internalisation of the asset management function, in line with international best practise.

The internal asset management team comprises experienced asset managers and specialists in key areas of development, leasing and retail whose functions include:

• Formalising a strategic plan for the property portfolio and making recommendations to the board regarding re-engineering, streamlining and risk balancing within the portfolio;
• Making recommendations to the board regarding improvements to the property portfolio and more specifically disposal of assets, acquisitions, upgrades, renovations and developments;
• Strategic input to ensure that every property achieves its maximum potential, taking into account short and medium term considerations;
• An annual risk and exposure analysis and review of potential and current risks to which the company and each property is exposed;
• Sourcing and procuring property acquisitions;
• Preparing, analysing and reviewing three year income projections in order to identify properties for disposal;
• Conducting viability and feasibility studies to appraise upgrades, development and acquisition opportunities
• Quarterly performance analysis of the property manager and for the property portfolio as a whole in terms of performance against budgets and relevant industry benchmarks;
• Physical inspection of every property in the portfolio to ensure that the properties retain quality physical condition;
• Scrutinising the maintenance plan prepared by the property manager and revising the programme and budget in terms of necessity and affordability;
• Management of the marketing strategy to include target market identification, compilation of tenant mix and tenant procurement;
• Utilisation of market research and available surveys, together with market intelligence, to ensure that the property managers implement at property level a relevant marketing strategy for all rentable premises;
• Controlling capital expenditure for new developments, refurbishments and improvements to the properties in the portfolio, provided the prior approval of the investment committee has been obtained;
• Appointment and briefing of professional teams and project managers for all capital projects and monitoring progress;
• Property lifecycle forecasting and revision of the business plan of each property on an annual basis; and
• Organising and overseeing the annual property valuations.

Specialist skills
In addition to asset management resources, a number of internal specialists advise on key areas in the Redefine portfolio.

Development
Headed by Mike Ruttell, the development team is focused on redevelopment, refurbishment and expansion of existing properties and new developments. These skills include coordination of all professionals, town planning issues, dealing with local councils, the coordination of leasing and control of construction and project management.

Retail
Mike Lewin, a retail property expert, is employed to provide specialist advice and knowledge for the retail portfolio and provides strategic and operational input at Hyprop. He is assisted by an experienced retail team whose responsibilities span the 1,2 million m2 retail portfolio.

Leasing
The leasing team is focused on ensuring that vacant space is let. Leasing strategies are devised for every building and, where appropriate, third party brokers are utilised to secure tenants. Subsequent to the financial year end and in line with the restructuring of the company, a national leasing manager was appointed to focus on leasing the vacant space in the portfolio.