Savills acquires British Land’s third-party property management portfolio
British Land has agreed to sell the third-party portfolio within its property management business, Broadgate Estates, to Savills. The deal will add landmark assets like Liverpool One to Savills’ property management operation, which already covers 360 million sq ft in the UK, and enable British Land to dedicate Broadgate Estates to maintaining a premium experience for visitors to its own portfolio, in line with its strategy of creating Places People Prefer.
Broadgate Estates was established in 1986 and has since grown into a team of 500 people managing 83 assets across the UK, approximately half of which are owned by British Land. The third-party portfolio comprises contracts to manage 28 locations in London and Liverpool for 14 clients. Approximately 160 employees are expected to transfer to Savills under the terms of the deal.
BL chief executive Chris Grigg said: “Broadgate Estates has been a stand-out success story for British Land and now delivers an excellent experience for 250,000 people every day. Our ability to curate a premium environment and respond to how people want to use our spaces is a powerful tool in creating Places People Prefer. This transaction will enable us focus exclusively on our own assets and increase the service we provide to customers as our business becomes increasingly mixed-use.”
Mark Ridley, deputy global CEO of Savills said: “Property management is key to our business and this unique opportunity to work with Broadgate Estates’ highly regarded team on many of the UK’s key trophy assets is incredibly exciting. The team’s expertise complements our existing market leading UK Property Management team and will undoubtedly strengthen Savills’ global property management business providing great opportunities for all transferring staff.