The Role

Asset Manager for M&G Plc long lease property portfolio (c. £5.5 billion of AUM and growing). To deal with any property or landlord and tenant issues (including oversight of outsourced property management). To build relationships with tenants, monitor trading information and deliver the portfolio strategy, including ESG initiatives.

M&G long lease property portfolio consists of circa 250 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 gyms, student accommodation and hotels. The portfolio has no vacant units and an average unexpired term of twenty years and is entirely based in the UK. 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.

Key Responsibilities

• Identify opportunities to enhance asset performance and seek the approval of the Fund Manager to implement, and specifically on shorter leases.
• Identify, negotiate and implement initiatives including re-gearing leases and reconfiguring properties to enhance the income return.
• Assist on the annual RPI rent review process utilising resource as agreed with other colleagues.
• Approve the property management strategy and objectives and oversee implementation by the Property Manager, including the following:
  • Ensure that income is maximised and non-recoverable costs proactively managed and minimised.
  • Ensure that assets are kept "ready for sale" (other than where part of an agreed strategy) and support the Investment Manager with asset sales.
  • Management of operational assets.
  • Monitor operational assets trading data. Ensure 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.
  • 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.
  • Provide relevant information to the appointed external valuers, attend valuation meetings as required.
  • After purchase of new assets, seek to identify and resolve any title or property issues.
  • 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.
  • To understand M&G Real Estate’s Sustainability vision and apply the Sustainability Strategy demonstrating appreciation of costs and awareness of driving investment returns. Lead on the ESG strategy for the Funds, ensuring EPC risks are minimised, collecting data for GRESB, work with tenants to provide ESG improvements on their portfolio.
  • Given the number of assets with sleeping accommodation, understand fire risk across the portfolio, and work with tenants to try and reduce this or if necessary oversee remediation works.
  • To understand and demonstrate positive behaviours in line with our Attributes and Expectations.
  • 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.
  • Fulfil regulatory requirements, including timely completion of all regulatory training and declarations.
  • Reporting – take responsibility for, and provide in good time, the following:
    • Quarterly Asset Management Board report for trustees.
    • Team updates.
    • Quarterly Property Management meetings with CBRE and ensure they are meeting their KPI’s.