The manager of Prime US REIT has completed the consolidation of the property management function for 13 of its properties to Lincoln Property Company (LPC).
LPC was appointed due to its extensive commercial real estate property management capabilities across the US, its core commitment to ESG and technology, and its deep real estate expertise in the REIT’s existing and new markets. It is also one of the largest diversified real estate services firms in the US.
Before the consolidation, the REIT manager had previously engaged seven property management firms to serve its 14-property portfolio.
According to the manager, the consolidation of the management services is a “key step” in the REIT’s evolution as it continues to grow its asset base and intensify its focus on ESG and technology solutions across its portfolio.
The final property management transfer decision for the last of Prime US REIT’s 14 properties will be decided based on the achievement of key property milestones, says the REIT manager.
As at 9.09am, units in Prime US REIT are trading 0.5 US cent higher or 0.7% up at 72 US cents.
