Wragge & Co closes £30m CSC deal
The Birmingham office of law firm Wragge & Co has advised one of the UK's largest property companies on a new facilities management alliance, worth £30m per year. The arrangement with Capital Shopping Centres (CSC) is believed to be a first for the sector and will introduce new facilities management across CSC's shopping centre portfolio.
A team led by commercial partner David Lowe advised on the landmark alliance. The agreement outsources the delivery of facilities management services across CSC's ten major UK shopping centres to specialist providers Europa Support Services and Inviron.
The Potteries shopping centre in Stoke-on-Trent is one of CSC’s major outlets
The contract sees Europa extend its provision of a full range of "soft" services with CSC - such as cleaning, security and customer services - across the ten shopping centres. Inviron will work collaboratively with Europa to provide specialist "hard" services to support the operation of the buildings and its infrastructure.
CSC currently owns 13 centres around the country, which equates to 14.1 million sq ft of retail space, and was valued at £4.9bn at 30 June 2010. From 1 April 2011 CSC will partner with facilities management providers Europa Support Services and Inviron through the new alliance.
