Asset Manager for M&G Prudential’s long lease property portfolio (c. £8 billion of AUM). To deal with any property or landlord and tenant issues (including oversight of outsourced property management). To build relationships with existing tenants, monitor trading information and deliver the portfolio strategy.
M&G Prudential’s long lease property portfolio consists of over 280 FRI single-let properties, let on long term inflation-linked leases. The properties range from traditional offices and supermarkets to a wide range of operational assets including bingo halls, leisure clubs, student accommodation and hotels. The portfolio has no vacant units and an average unexpired term of over twenty-five years. As such, it does not require significant traditional asset management in terms of lease expiries, but there is a need to deal with tenant and physical property issues, plus monitoring of operational performance and reporting to make sure the portfolio continues to outperform. Further, there is the potential to pursue value-accretive initiatives, such as lease re-gears across the portfolio and development opportunities on those assets where leases are getting closer to expiry.
The role will report to an experienced Investment Director but will support the broader Origination and Fund Management teams. Key responsibilities include:
1. Prepare an Asset Plan for each property setting out the leasing and asset management strategy (including oversight responsibility for the property management content). Prioritise, co-ordinate, communicate and direct asset management activities arising out of approved Asset Plans;
2. Identify opportunities to enhance asset performance and seek the approval of the Investment Manager to implement them (whether through the Asset Plan or through stand-alone Asset Initiatives) and specifically on shorter leases;
2.1. Identify, negotiate and implement initiatives including re-gearing leases and reconfiguring properties to enhance the income return;
2.2. Manage rent review and lease renewal caseloads, utilising resource as agreed with other colleagues.
3. Approve the property management strategy and objectives and oversee implementation by the Property Manager, including the following:
3.1. ensure that income is maximised and non-recoverable costs proactively managed and minimised;
3.2. ensure that assets are kept “ready for sale” (other than where part of an agreed strategy) and support the Investment Manager with asset sales.
4. Management of operational assets;
4.1. Monitor operational assets trading data. Make sure all contractual data is received and analysed in a timely manner (there is analysis support in the broader team). Ensure the Credit Analysts/Fund Management team receives this financial information on an ongoing basis.
4.2. Arrange and attend tenant meetings, build relationships with tenants and deal with any landlord and tenant matters that arise in conjunction with the property manager;
5. Provide relevant information to the appointed external valuers, attend valuation meetings in support of the Investment Managers as required;
6. Prepare a work-out plan for each asset in case of CVA or tenant insolvency. After purchase of new assets, seek to identify and resolve any title or property issues;
7. Provide Asset Management and Leasing advice to Investment Managers in support of prospective asset purchases, whilst maintaining awareness for introduction of assets identified with potential to deliver investment out-performance;
8. Sharing market information within M&G Real Estate to ensure, as appropriate, all Client Funds and colleagues benefit from this information. Contribute to sector focus groups;
9. Ensuring the accuracy of all property data held on the relevant investment management systems and to keep TRAMS up to date at all times. Monitor rent collection to ensure any arrears are quickly dealt with;
10. To understand M&G Real Estate’s Sustainability vision and apply the Sustainability Strategy demonstrating appreciation of costs and awareness of driving investment returns;
11. To understand and demonstrate positive behaviours in line with our Attributes and Expectations;
12. To understand the Health and Safety responsibilities appropriate for your role and ensure that they are undertaken in accordance with the relevant Company policies, procedures and guidelines. This includes responsibilities relating to your own H&S and others affected by your actions. Any concerns relating to H&S risks must be escalated to your line Manager and the Company’s H&S Manager and specify fire safety. Take responsibility for health, safety and fire risk across the portfolio;
13. Fulfil regulatory requirements, including timely completion of all regulatory training and declarations;
14. Responsibility for development monitoring and be the interface with the development team;
15. Reporting – take responsibility for, and provide in good time, the following;
15.1. Quarterly Asset Management Board report for trustees;
15.2. Team updates;
15.3. Run the quarterly Property Management meetings with CBRE and ensure they are meeting their KPI’s
15.4. Monthly PIC oversight reports
15.5. Input into the annual Unitholder Advisory Committee report for investors.
You will have:
You will ideally have a background in alternative/operational assets. You will need good knowledge of the property market through investment / asset management, agency or professional experience, with a clear understanding of asset investment performance drivers.
You will have MRICS,FRICS or equivalent, a graduate or post-graduate qualification in a related subject would also be an advantage.
M&G Prudential is committed to a diverse and inclusive workplace.