Shaftesbury Capital has axed CBRE and drafted in Workman to handle the REIT’s property management and operational finance services from the start of June, Property Week can reveal.
CBRE has been Shaftesbury’s sole managing agent for nearly five years. Both Shaftesbury and CBRE declined to comment on the split, but one industry source labelled the break-up a “big loss” for CBRE.
In correspondence with customers and tenants seen by Property Week, Shaftesbury said it was working closely with both parties “to ensure a smooth and co-ordinated handover”.
Workman has appointed Dexters as its specialist residential property management partner to take over Shaftesbury’s residential services.
“This reflects the attention taken to consider the distinct operational and regulatory requirements of residential management and will support enhanced service delivery aligned with best practice,” Shaftesbury told customers.
Shaftesbury is one of London’s biggest landowners, with a 2.8m sq ft portfolio valued at £5.4bn in the company’s latest results. Retail properties represent 36% of the portfolio while 12% is residential.
At the start of the year, the group said it was well positioned for growth, expansion and investment.
Last year, Shaftesbury sold a 25% stake in its £2.7bn Covent Garden estate to Norges Bank Investment Management for £570m.
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