Aviva Investors - Commercial Real Estate Case Study - Cushman & Wakefield

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C&W provide Property Management services for Aviva Investors Property Trust (AIPT)


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The Challenge

This prestigious fund comprises approximately 7 million sq ft (650,000 sq m) and 650 710 tenants distributed nationally over 90 70 properties including retail parks, shopping centres, offices, leisure and other uses. Aviva Investors sought a Managing Agent to offer a consistent and well-coordinated output offering a national network, sector specialism, strong accounting, facilities management and sustainable operations platforms.


The Solution

C&W was appointed in 2010 to manage this flagship retail fund. The following service delivery structure was put in place during our three month transition.

The properties are managed from our teams based in Scotland, Manchester, Birmingham and London through a de-centralised model. This is co-ordinated with a strong layer of account management to ensure consistency of output and clear comprehension of the client’s strategy across a team of 42 including site staff.

There are two primary service delivery components. The first comprises Client Relationship Managers who interface with Aviva’s Asset Managers. The second comprises subject matter experts leading the Finance Reporting, Daily Pricing, Sustainability and individual initiatives, in partnership with day to day delivery teams.

Our Property Management responsibilities are broadly drawn and include daily reporting of net operating income to reflect all transactional updates and expenditure changes within 24 hours of notice.


The Results

The separation of day to day property management delivery across some 90 70 assets from the implementation of specialist initiatives delivers step change faster.

By way of example, the daily pricing reporting model which had historically delivered the daily pricing calculations across the fund relied upon basic assumptions and did not work from a live data feed. We quickly recognised the weaknesses of the system and set about to create a more sophisticated and robust model which delivered greater accuracy and more reliable pricing. The model was delivered at the point of mobilisation and was extremely well received by Aviva.
Having achieved this, we then worked collaboratively with Aviva to create a standardised model to be used by all their managing agents who are involved in daily pricing of funds to deliver a best practice and consistent approach.

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