PRUPIM and CB Richard Ellis Confirm Outsourcing Agreement
22 Jun 2011
PRUPIM, the global Real Estate Fund Manager, has today confirmed it will outsource its UK property management and accounting services to leading commercial real estate advisor CB Richard Ellis (CBRE), representing one of the largest outsourcing mandates to have come onto the UK market. The move is in line with PRUPIM’s plans to focus on its core fund management capability.
CBRE has been confirmed as the company’s selected partner following a six-month appraisal process, and marks the first time that PRUPIM has outsourced in its entirety its property management and accounting services. Contracts were signed on Tuesday 21st June and the transfer will take effect 1 July 2011.
Around 85 PRUPIM employees will transfer under TUPE to CBRE, who will oversee property management and accounting in relation to PRUPIM’s UK assets.
Martin Moore, Managing Director of PRUPIM said: “We believe that we have made the best possible choice of partner for this project in CBRE. It is a world-class organisation with the experience and scale to ensure that our property management and accounting services remain of the highest standard. I would also like to thank the staff who are transferring to CBRE for their professionalism and commitment during the process.
“The move is in line with our strategy of focusing on our core capability as a global property fund manager. It will enable us to continue to grow our range of institutional and retail fund management clients and mandates, in the UK and globally, while continuing to provide best in class service to our existing clients.”
Mike Strong, CEO and Chairman, CB Richard Ellis EMEA, said: “We are delighted to have completed such a complex and high-profile property services transaction with PRUPIM. This reinforces the strength of our track record in the outsourcing market and reflects the exceptional capability of our people, who ensure that we continually offer our clients pre-eminent solutions and service no matter how large or complex the opportunity. This has been a true team effort involving many professionals across our business. We are greatly looking forward to welcoming the PRUPIM team to CBRE.”
PRUPIM’s UK property estate consists of around 800 properties, with an estimated surface area of around 45m sq. ft., and a value of approximately of £12 bn. The firm’s fund and asset management teams remain unaffected.
ENDS
Notes to Editors
About PRUPIM
PRUPIM the real estate investment arm of M&G Investments and is a top 20 global real estate fund manager with around £16 bn invested in a broad spread of properties across Europe, North America and the Asia Pacific region. M&G is the investment arm of Prudential plc in the UK and Europe.
PRUPIM has investments in 800 properties, with approximately 4,000 property occupiers across the UK, Europe, North America and Asia. Visit our media centre at www.prupim.com/about/media.
For more information:
PRUPIM: Paul Griffin, Associate Director Communications. DD: +44 (0)20 7548 6976 ; M: +44 (0)7766 726 722; E: paul.griffin@prupim.com
