NB Real Estate announced today that it has acquired a 100% shareholding of NB Entrust, purchasing a 50% interest from joint venture partner, The Asset Factor, Helical Bar’s property asset management and outsourcing venture. The business currently provides facilities management to NB Real Estate’s investment and occupier clients under a prime supply agreement.
The joint venture was set up in January 2007 as a special vehicle to improve supply chain arrangements and service levels and to introduce new training and IT systems to support NB’s FM service offer.
Michael Hatt, Chief Executive of NB Real Estate: “Our vision is to develop a more efficient and innovative property and facilities management service to increase the operational and investment value of our substantial managed estate. Sole ownership of NB Entrust will enable us to accelerate integration of our property management and facility management services.
“The specialist expertise of the Asset Factor team has been invaluable over the last three years. Together we’ve driven through service improvements, better value pricing and an integrated IT platform. These improvements are fundamental to delivering our long term strategy and we are hugely appreciative of The Asset Factor’s input.”
Oliver Jones, Chief Executive of The Asset Factor: “We have fulfilled our objective to create the UK’s market leading landlord-focused facilities management business and we’re delighted with this outcome.
“We were thrilled that NB Entrust won the award for Best FM team in the UK for Property Investors at the BIFM awards in October this year. This accolade confirms the remarkable achievement of the Asset Factor and NB’s teams together over the last three years in creating this exciting new brand.”
NB Entrust will operate as a wholly owned subsidiary of NB Real Estate.