Investment and asset manager now retained on over 4m sq ft of local authority real estate
Following a competitive tender, Surrey Heath selected Praxis to advise on its 15 acre town centre portfolio, which includes Camberley’s 500,000 sq ft retail asset The Square. Over the course of a five-year contract Praxis will deliver asset, property, development and facilities management services. This appointment coincides with Praxis securing a long-term contract extension with Middlesbrough Council, to continue to advise and deliver on the local authority’s town centre regeneration project.
Mark Smith, head of regeneration and business development director at Praxis, said:
“Praxis has been successfully investing in the retail sector now for 15 years and has expertly navigated the many challenges the sector has faced to maintain an unblemished track record.
“This is a direct result of the investment in our vertically integrated platform, and our unique approach to managing these complex assets, which is testament to the team and infrastructure we have built to deliver our business plans.”
Praxis, now formally retained on more than 4m sq ft of local authority real estate, said “its specialist retail and regeneration platform provides a full spectrum of real estate functions and services”.
“At a time when most of our peers and competitors are presiding over extraordinary value destruction in their portfolios, our own portfolio has held its value, with occupancy levels and NOI stable and improving. The commitment to our council partners is that we will bring the same rigour, resource and entrepreneurial flair to their assets as we do our own proprietary portfolio.
“The intent is to continue to grow the partnerships with councils across the country where we believe we can add value and contribute to the creation of vibrant, socially, environmentally and commercially successful town centres.”