The Crown Estate has decided that the merger of Jones Lang LaSalle and King Sturge presents a conflict of interest for its regional portfolio, which the combined firm both manages and values. As a result, the organization is retendering its property management portfolio.
James Cooksey, head of regional portfolio at The Crown Estate, said: "After 14 years managing the regional portfolio, we thank Jones Lang LaSalle for the high quality of service provided. In light of this regrettable conflict of interest we have decided to re-tender the property management mandate for the portfolio.”
The Crown Estate will continue its relationship with Jones Lang LaSalle on valuation and other areas. Thanking the Crown Estate for its long-standing business, Nick Lees of JLL’s property and asset management team, said: “Our regional property portfolio is worth £1.5 billion, with investments principally in the retail sector.”
The portfolio also includes a range of industrial and office premises. By value, retail properties represent over two thirds of the portfolio and nearly £500 million has recently been invested in the sector.
