CBRE has won a competitive pitch to become Land Securities’ principal valuer.
The contract, which has been held by Knight Frank for many years, involves valuing the entire property portfolio of the UK’s largest listed landlord on a half-yearly basis.
While Knight Frank has historically been LandSec’s main valuer, the company’s 2013 acquisition of X-Leisure and its 2014 acquisition of a stake in the Bluewater shopping centre in Kent saw it inherit valuation relationships with JLL and CBRE respectively.
A statement in July’s annual report said: “Each of the external valuers provides a high quality service and contribution, and indeed Knight Frank have done so for many years. However, in line with good governance and best practice, we have decided to put the group’s portfolio valuation requirements out to competitive tender.”
CBRE is already the largest valuer in the UK, and values more of the MSCI UK investible universe than any other firm.
LandSec’s total portfolio was valued at £14bn in its 2015 annual report.
