Limiting the number of service providers to boost efficiency
Decentralising footprint to be closer to the clients
Mandating STRABAG PFS and Cushman & Wakefield
In the context of realigning its property management for German assets of its investment fund products, Commerz Real signed service agreements with STRABAG Property and Facility Services (STRABAG PFS) and with Cushman & Wakefield. The assignments were preceded by a multi-stage selection process initiated in late summer of 2013. The portfolio underlying the two agreements includes 36 properties across Germany with a gross lettable area of around 790,000 square metres.
The scope of services includes, inter alia, tenant management accounting, the accounts department and accounting, the finance and budget planning, the control of the facility management, the vacancy management, as well as documentation and reporting functions. In the future, all of the properties so far managed by Commerz Real will be in the care of the incoming third-party property managers.
“Our chief priority is superior management of our tenants and properties. At the same time, we must not lose sight of efficiency. By outsourcing the property management, we have accomplished both: regional proximity to the properties, combined with reliable quality, and streamlined processes,”
elaborated Roland Holschuh, Member of the Management Board of Commerz Real and Head of Real Estate Markets.
“We reduced the number of our property management service providers for the portfolio, that was subject to the tender process, from 14 down to two. We are pleased to have found two renowned, high-powered property service providers in STRABAG PFS and Cushman & Wakefield who uphold the same high quality standard as we do.”
The realignment of the property management is part of a program that was launched by the Real Estate Markets division in 2012, and which also includes the modernisation of the IT systems and the reorganisation of structures and processes.
The service agreements signed with STRABAG PFS and Cushman & Wakefield will enter into effect as of 01 June 2014. During the selection process, Commerz Real was advised by the Munich-based AIS Management GmbH, a company specialising in tender consultancy in the areas of property management and facility management, among others.
Commerz Real at a Glance
Commerz Real is a fully-owned subsidiary of Commerz Bank AG with more than 40 years of market experience and approximately 32 billion euros in assets under management. The company combines comprehensive know-how in asset management and a broad-based structuring expertise to deliver its signature range of services of fund products focused on tangibles and bespoke financing solutions. The fund spectrum includes the open-ended real estate fund “hausInvest,” institutional investment products as well as equity investments in real estate, aircraft, regenerative energy, and ships. In its role as leasing company of Commerzbank Group, Commerz Real offers tailored equipment leasing concepts along with bespoke financing arrangements for assets such as real estate, big-ticket equipment, and infrastructure projects