Stockland has entered into an agreement to outsource the management of its Office and Industrial assets to CBRE.
This decision follows a detailed strategic review which found outsourcing will provide improved efficiencies and support Stockland’s focus on growing its core businesses – Residential Communities, Retail and Retirement Living.
CBRE will provide property management services for Stockland’s Office and Industrial assets from March 2012. High level investment management, leasing control and approvals, and any accretive development and associated activity will continue to be managed in-house.
CEO Commercial Property John Schroder said this arrangement would enable Stockland to continue to provide excellent service to tenants and optimise the performance of the portfolio while achieving cost savings.
“Currently, nearly a third of Stockland’s office portfolio by value is managed externally and it now makes sense for us to apply the same arrangements to the remainder of the portfolio,” Mr Schroder said.
“Outsourcing management, while retaining internal control of strategic asset management, will enable us to continue to achieve the best results from the portfolio.
“We are committed to ensuring this is a positive experience for our tenants and will work with CBRE to deliver a smooth transition and a high level of ongoing service.”