CBRE is reportedly in advanced discussions to acquire UK retail asset manager Sovereign Centros.
Sovereign Centros, which is majority owned by CEO Chris Geaves, currently has 13m sq ft of assets under management with a further 3m sq ft in the development pipeline.
The company works with a wide range of UK landlords and oversees shopping centre assets such as the Metrocentre in Gateshead, Merry Hill near Dudley (pictured) and the St Enoch Centre in Glasgow.
According to one property industry source the move makes perfect sense from CBRE’s perspective.
“The large brokers are looking to improve their retail asset management skills and the fees available per asset or per project can be in the high hundreds of thousands of pounds per year and the income is secured. Leasing agents don’t generate that kind of guaranteed income,” explained the source.
When asked to comment on the rumours, which were initially reported by React News, a spokesperson for CBRE said “no comment”. A spokesperson for Sovereign Centros said: “We don’t comment on media speculation. No comment”.
