The Opportunity
IREEF is a flagship fund of Invesco Real Estate comprising core and value-add assets across Europe. Key assets managed by Cushman & Wakefield for IREEF include:
- Eroski portfolio of 11 hypermarkets and 3 retail galleries in Spain
- Entre Deux shopping centre in Maastricht, the Netherlands
- Crown Square office building in Warsaw, Poland
- Europapark distribution centre in Cologne, Frechen, and the Gänsemarkt 45 (G45) office asset in Hamburg, Germany
- Alpha Park II Retail Park in Les Clayes sous Bois, France
- Manchester Square office asset in London, UK
- Flahult logistics asset in Jönköping, Sweden and 10 Gangaren office assets in Stockholm, Sweden
In addition to requiring a managing agent with a strong European platform and sector specialism, Invesco required a strong track record of working with strict prop co reporting requirements to suit a compressed NAV reporting and daily pricing framework, utilising the client’s own technology platform,Yardi.
The Solution
Cushman & Wakefield was appointed as property manager for the fund in 2010. We manage 29 assets across 7 countries, including France, Germany, the Netherlands, Poland, Spain, Sweden and the UK.
Property management and accounting delivery takes place locally in each country by a dedicated Cushman & Wakefield team.
To ensure consistency and quality of service delivery across multiple countries, a central coordination role was introduced for the key areas of our service: Property Management and Accounting & Finance from inception. This service is delivered by two subject matter specialists based in the UK and the Netherlands.
Property Management
From a property management perspective the coordination role includes property set up, creation of a comprehensive SharePoint facility to provide a data room, implementation of contractual structure through an overarching Property Services Supervision Agreement and local Property Management Agreements, adapted where relevant, for each country. The team ensures consistent property management reporting, management of subcontracted parties, and training for new starters joining the Invesco team.
Accounting & Finance
The Accounting & Finance coordinator ensures that accrual based accounting and trial balance reporting is handled consistently in each country. The coordinator liaises closely with each country’s Fund Accountants to ensure absolute accuracy during the consolidation process. The co-ordination role minimises the risk. Someone is tracking progress throughout the reporting process and is able to escalate, prompt and assist to ensure the deadline isn't compromised.
The Results
For IREEF the quarter close begins 15 business days before the quarter end and in close liaison with prop co and fund accountants, valuers, client, and fund administrators. A tight and highly inter-dependent process is implemented which ensures true NAV can be declared 10 business days after the quarter end.
Accomplished across 7 countries, with every deadline met since appointment, we believe Cushman & Wakefield’s discipline and rigour is unparalleled in our marketplace.
