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News Release

London

Regent Street Partnership appoints JLL to run Regent Street Management Direct


  • Regent Street Partnership has appointed JLL to oversee Regent Street Management Direct (RSMD).
  • The contract will be for a period of five years and will see JLL, under the RSMD brand, take responsibility for property and facilities management and day-to-day relations with occupiers on Regent Street.
  • The existing successful RSMD Cushman & Wakefield team, led by Peter Best, will transfer to JLL to work closely with Central London Management Lead Director David Gardiner, Retail Management Lead Director Jordan Jeffrey, and Nigel Wheeler, JLL’s Chairman of Property and Asset Management.
  • The appointment follows the recent merger of DTZ and Cushman&Wakefield which created a conflict of interest in relation to the management and valuation of the Regent Street Portfolio.

David Shaw, Head of the Regent Street Portfolio at The Crown Estate said: "Cushman & Wakefield have successfully managed RSMD since 2004 and I am grateful for their significant contribution to the success of Regent Street over the last eleven years; key to this has been RSMD’s customer focused approach to maintaining relationships with our occupiers. I’m delighted to announce JLL’s appointment to help continue delivering a service that enables us to retain and attract global brands and businesses for our shops and modern offices."

Colin Dyer, Global CEO JLL said: "It is a great honour to be working for The Regent Street Partnership, managing Regent Street, arguably the world’s most iconic retail destination. This is an exciting instruction which underpins our global commitment to deliver a premium service to our clients."

Guy Grainger, CEO JLL UK said: "Congratulations to the current management team for the excellent work they have done to date, and I look forward to welcoming them to JLL to help The Crown Estate deliver its exciting future vision for Regent Street. We will bring our London expertise and emerging technologies to further enhance customer experience, ensuring Regent Street continues to reinforce its status the world’s premier shopping and business location."

The Crown Estate manages Regent Street on behalf of the Regent Street Partnership, which comprises The Crown Estate and Norges Bank Investment Management (NBIM). Since 2002, a £1bn investment programme for Regent Street redeveloped historic blocks to create high quality modern retail and office space behind Regent Street’s historic facades. This has seen Regent Street transformed into one of the world’s most popular shopping, leisure and business destinations, which counts a wide range of successful global retailers, restaurateurs and companies amongst its tenants.

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Notes to editors

For more information contact

The Crown Estate: pressoffice@thecrownestate.co.uk; 020 7851 5242

The Crown Estate:

The Crown Estate is an independent commercial business, established by Act of Parliament.

 The Crown Estate’s portfolio is one of the most diverse anywhere in the world, including some of the UK’s most iconic assets:

o The entire UK seabed and around 50% of the foreshore.

o All of Regent Street and much of St James’s in central London;

o A UK top five portfolio of prime regional retail and leisure assets;

o One of the nation’s largest rural land portfolios;

 The Crown Estate is manager of the UK seabed to the 12 nautical mile limit. The business holds the rights to generate electricity from wind, waves and the tides out to 200 nautical miles/the Continental Shelf under the Energy Act 2004; and rights to the transportation and storage of natural gas and carbon dioxide on the continental shelf under the Energy Act 2008.

 100% of its annual profits are returned to the Treasury for the benefit of the public finances.

 Over the last 10 years The Crown Estate has returned over £2.3bn to the Treasury. In the last financial year the value of the business rose to £11.5bn and its returns were over £285m.

 Across its diverse portfolio, The Crown Estate’s approach remains consistent; driving sustainable returns and growth through an active approach to asset management and long term investment in four key sectors; Central London’s West End, prime regional retail, rural land and offshore wind.

 The Crown Estate’s history can be traced back to 1066. In the 21st century it is a successful, commercial enterprise, established as a market leader in its key sectors and known for a progressive, sustainable approach that creates long term value, beyond its financial return