International broker Cushman & Wakefield has won the mandate to manage the 450 retail properties in Germany owned by AIM-listed Dawnay, Day Treveria. The portfolio comprises some 1.5 million m[sup]2[/sup] of lettable area in 250 locations throughout Germany.
International broker Cushman & Wakefield has won the mandate to manage the 450 retail properties in Germany owned by AIM-listed Dawnay, Day Treveria. The portfolio comprises some 1.5 million m2 of lettable area in 250 locations throughout Germany.
The appointment is part of the severing of links between Treveria and the Dawnay Day Group which collapsed in the summer. Treveria has dropped Dawnay Day from its name and replaced Dawnay Day Property Investment with Cushman & Wakefield as exclusive property manager for an initial three years. Treveria has a portfolio of EUR 2.2 bn worth of assets.
Paul Bacon, senior partner and CEO of C&W EMEA stated: 'This move underlines our commitment to diversify our business and shows we are determined to take advantage of opportunities that will help grow the firm in areas of strategic importance.' As a result of this mandate, C&W Germany's property and facility management team has expanded to over 80, managing major portfolios in Germany comprising 600 properties.
AIM-listed Sirius Real Estate - Treveria's sister organisation - cut its ties to Dawnay Day in September. Sirius is a property investment company focused on business parks, offices and industrial complexes across Germany.
