Property management group JHI has been awarded a five-year contract to manage real estate investor Old Mutual Life Assurance Company South Africa’s entire property portfolio in South Africa and Namibia.
The new property management agreement would enable Old Mutual to remain focused on the strategic asset management of its properties, while JHI added value through the properties’ day-to-day operations.
“The proposal process was rigorous and considered key performance factors, from experience and skills to compliance, cultural fit and the ability to deliver solutions that add value to the portfolio,” said JHI CEO Nomzamo Radebe.
The Old Mutual portfolio included 46 properties and land parcels throughout South Africa and five properties in Namibia. It was diversified across commercial property sectors with a significant retail component, including quality office and industrial properties, as well as two hotels.
JHI’s property management mandate included leasing, operations, facilities, utilities and financial management, tenant liaison, and managing key metrics for Old Mutual.