Asset Management & Investment Recovery
Asset management is about maximising the value and risk adjusted return from an asset. It has always been a core part of Aramark Property’s business – we aren’t just recent converts. While we don’t pretend to be able to solve all asset problems at a stroke, what we can do is give is a fresh and different perspective; free of the usual management and corporate speak.
The current reality is that many property assets, such as secondary retail schemes, are so precarious that a large part of an asset management role is simply that of asset preservation, followed then by value enhancement. To survive and prosper, many such assets need to be seen and run as a commercial business, not just a property asset. They need flair and business acumen, as well as property knowledge.
Aside from the usual property professionals, our team includes people who have led major business operations outside property – giving us a more rounded range of skills and experience than is perhaps the norm. This is a plus when it comes to difficult assets – where there are few simple solutions and where a ‘game changing’ view is often needed to go against the economic tide.
Key members of our team have also had lead asset management roles with major asset owners in the past, both in Ireland and abroad, and have been responsible for decision making and strategy on large and complex asset portfolios.
We currently act as asset managers for both owners and receivers of assets, and also provide strategic asset management advice to owners and funders. A recent example is The Outlet, Banbridge, Ireland’s largest dedicated outlet centre -where West Register, Ulster Bank’s specialist asset management company, appointed us as asset manager when they took ownership in 2011.
An example of where we provide ongoing strategic asset management advice is Dundrum Town Centre, where we have played an instrumental role from initial project inception. We also provide asset management services on a range of other projects, particularly in the retail sector.
For a more detailed description of our services, or just an informal chat, please contact any of the listed people.
Investment Recovery is about stabilising a problem asset and then beginning to increase its value and risk adjusted return. That’s the theory, but it covers a huge range of problems and asset scenarios. Many assets which we are asked to take over or review have simply been neglected, often because the previous managers lacked the funding or motivation to drive the asset forward and develop strong relations with tenants and customers to maximise income generation and asset value. In many cases, previous management teams have simply been overwhelmed or demotivated by the general economic tide, and haven’t been able to formulate ideas or strategies to avoid what can often become a very dangerous downward spiral, particularly on retail schemes.
The biggest challenge we often face when asked to review or take over an asset, is simply to stabilise the income stream and to begin to remedy the legacy issues that have built up – particularly if the asset has been starved of investment and there hasn’t been proper interaction with tenants and customers. This is especially the case with mixed use schemes and retail assets. In this regard, we have a strong track record of rebuilding relationships, of sorting out challenging legacy problems, of increasing the net income generation from an asset, and of coming up with fresh ideas to improve asset value.
Recently, we have considerably strengthened our lettings and asset disposal capabilities – so as to provide a ‘one stop shop’ for specific clients.