Wm Morrison Plc is looking to add value to a number of its out-of-town retail properties by undertaking a strategic asset management strategy, it was announced this week.
The supermarket group has appointed property consultancy Cushman & Wakefield (C&W) to advise its own asset management team on how to optimise the value of a number of existing retail warehouse schemes and two of the shopping centres it owns.
Some 750,000 sq ft of retail space is under scrutiny, all of which sits alongside trading Morrisons food stores. The group expects the development plans to benefit these grocery outlets.
Terry Hartwell, Morrisons’ Group Property Director, commented: “We own a significant retail investment portfolio including retail parks, shopping centres and district centres, all of which are anchored by strong Morrisons food stores.
“The assets included in the C&W mandate have great potential for further value enhancement through strategic asset management.”
C&W will work with Morrisons’ asset management team to identify opportunities to improve tenant mix, increase footfall and add value.
Existing tenants located in Morrisons’ retail warehouse schemes include fashion retailer Next, Home Retail Group owned Argos and DIY specialist Wickes, but C&W estimates that further additions can be made.
Martin Supple, Head of Out of Town Retail at C&W, said: “Similarly their shopping centre portfolio is extensive and has excellent potential for active asset management.”