Kodak is launching a strategic review of its 9.7m sq ft portfolio in 30 countries across ts business in the Europe, Africa and the Middle East region (EAMER).
The review comes at a time of radical change for the business, which announced plans in January to cut 12,000 to 15,000 jobs globally – a fifth of its workforce – by 2007, as it is forced to move away from film and paper photography in favour of digital technology.
It also intends to cut its global property interests by a third. However, it is unclear where these cuts will be made.
In EAMER, it has appointed Jones Lang LaSalle to the newly created role of strategic alliance partner for real estate, with director Tom Bayne-Jardine taking responsibility for managing the account.
Around 60% of Kodak’s property across the region is office space, while the rest is factories. The bulk is in the UK, France and Germany.
It has already carried out sale and part leasebacks in Paris and Madrid, with similar deals planned for Milan and Lisbon.
Bayne-Jardine said: “We’re delighted to have formalised this relationship.
“Kodak and JLL are demonstrating that there are numerous innovative ways in times of change of reducing operating costs and raising capital across the portfolio.”
In the UK, the portfolio is more heavily weighted in favour of manufacturing and is almost entirely freehold.
Its largest site is a 1m sq ft manufacturing base in Harrow.
It also owns a 500,000 sq ft factory in Kirby, a 200,000 sq ft manufacturing site in Annesley and a 150,000 sq ft office in Hemel Hempstead.
Duncan Stiff, who has taken over from Kodak’s retired real estate director Roger Lambert, said: “We will consider the options. Sale and leaseback could be one.”
References: EGi News 19/07/04
