7 December 2011 – CBRE has been appointed to manage Stockland’s office and industrial portfolio in one of the largest property outsourcing mandates in Australia.
The $3 billion portfolio has a total net lettable area of circa 1.5 million square metres and includes prominent landmark buildings such as 133 Castlereagh Street in the Sydney CBD, 601 Pacific Highway on Sydney’s north shore, Triniti Business Campus at North Ryde in Sydney, and the Durack Centre in Perth, to name a few. The industrial portfolio includes some of the largest industrial distribution centres in the Pacific Region such as Yennora and Brooklyn.
Stockland said the move would free up resources to improve efficiency and support core businesses of residential communities, retail and retirement living.
High level investment management, leasing control and approvals, and any accretive development will continue to be managed in-house.
“Nearly a third of Stockland’s office portfolio by value is managed externally and it now makes sense for us to apply the same arrangements to the remainder of the portfolio,” chief executive officer commercial property John Schroder said.
CBRE President and CEO, Australia and New Zealand, Tom Southern said the appointment was a true sign of the strength and quality of the firm’s asset services team, which involves more than 500 staff across the Pacific Region.
The mandate will boost the size of CBRE’s Pacific Property Management portfolio to more than 3000 properties with a combined net lettable area of over 15 million sq m, and consolidate its claim to be largest global property management firm.