The Real Estate team has built a best-in-class asset management capability, led by Chris Taylor, Head of Real Estate and Private Markets, and supported by several experienced asset managers. This capability allows the team to control decision making and drive client performance. They are responsible for the day-to-day asset management of the properties, including executing business plans and managing the value creation and value protection of the assets. The asset managers are responsible for driving performance, ensuring that lease renewals are actioned in a timely manner, vacancies are let, refurbishments carried out, that the property strategy meets the needs of the target tenants, and implementing our environmental and health and safety programme.
All day-to-day property management, including rent and debt collection, is dealt with by external property management agents. The performance of property manager agents - and any other agents appointed for work on activities such as rent reviews, lease renewals, transactions property maintenance, health and safety issues, and environmental issues - is closely monitored by our internal asset managers.
A small part of our international portfolio is managed through joint venture funds and as indirect investments. We also have a small proportion of assets with leases that give management control to the occupiers, including FRI leases in the UK and triple net leases in the US.