L&G announces new operating model for property management

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LGIM Real Assets (Legal & General) announces that it has established a new innovative operating model for managing its buildings, which is set to help disrupt the property industry

Legal & General’s new model addresses the shift in service standard requirements, by embedding a Facilities Management Integrator (FMI) Partner into its model in order to provide a more data-led, agile service for its occupiers, which can be tailored and flexed to their specific requirements.

Legal & General has appointed Bellrock Properties & Facilities Management Limited (Bellrock) as its new Facilities Management Integrator Partner. Bellrock is able to provide real-time data on buildings and supply chain performance which will allow L&G to maximise the benefits a well-run building can offer. This will lead to improved energy efficiency, better sustainability credentials, and buildings performing more efficiently, meeting our occupier’s requirements and expectations. Over time L&G will also be able to make a demonstrable link to its occupiers business performance through data analysis.

Bill Hughes, head of LGIM Real Assets, said: “This new approach should be a game-changer for the property management industry and will separate the winners from the losers, redefining how we manage our buildings. It creates transparency to build customer trust, employment to fill the skills gap in property management and innovation to future proof our assets.

“It also encompasses cutting-edge business practices and advances the use of data as a means of measuring, monitoring and maintaining consistent standards.”

The role of the Managing Agent remains important and therefore L&G will continue to work with JLL as well as Savills, BNP and Workman, who form its newly enhanced panel of Managing Agents. The panel, who will work alongside the Facilities Management Integrator, is in place to provide a diversity of ideas and approaches to the asset managers at a strategic level and also enables closer strategic alignment to the funds and the asset managers to deliver their business plans.

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