Barclays is considering ways of cashing in on its 22m sq ft property portfolio.
The bank is launching a review of its entire global portfolio, which includes over 10m sq ft of freeholds in 60 countries.
It wants to identify surplus property and opportunities to realise value, which could lead to a major sale and leaseback or outsourcing project.
JLL has been appointed in the newly created role of global strategic asset management adviser, aimed at suggesting such opportunities to Barclays and improving its asset management.
The 22m sq ft is spread over 4,000 properties. Around 80% of the bank’s property cost is in the UK, where more than half of its properties are freeholds.
Its UK branches alone total 2,000 properties, and trade under the Barclays and Woolwich brands.
Barclays, which is the UK’s third largest bank and the ninth largest globally, has a presence in countries ranging from Spain, Portugal and France to Hong Kong, Singapore and the US.
Group property director Chris Davies said: “We need to look at any opportunities we have in the portfolio and possibilities about how we own the property, and implement them.”
Robert Bonwell, CEO of corporate solutions at JLL, will head the team, which has been told to initiate the review immediately. The initial review will last for 12 months.
Davies said there was “no specific agenda” to look at sale and leasebacks or property outsourcing, but he added: “We know that a number of corporates have looked at these sorts of mechanisms.”
Barclays will continue to use ATIS REAL Weatheralls and Donaldsons for property management in the UK.
ATIS, Cushman & Wakefield Healey & Baker and CB Richard Ellis are all understood to have pitched for the global contract.
