Crowd UK wins asset management deal for £50m property portfolio

Manchester-based property asset advisory firm Crowd UK has won two new major contracts to provide asset management for a 15-strong £50m property portfolio in its home city.

Entrepreneur and Burnley FC director Brendan Flood’s Edge Real Estate Property Investments, the investment division of Real Estate Group, has appointed Crowd to asset manage the portfolio properties that it recently acquired from retail tycoon David Whelan’s Whelco business group.

The portfolio is made up of nine DW Fitness Health & Leisure clubs, four retail assets in Wilmslow, Wigan, Lancaster and Northampton and an industrial investment in Wigan.

It also includes 8 King Street in central Manchester – currently occupied by L’Occitane and Castle Galleries, amongst others – as well as 21 recently refurbished upper floor apartments.

Crowd will be working with the Real Estate Group team to advise on how to add value to the assets over the next three years, working with the occupiers on a programme of refurbishments and to improve the performance of the properties.

Crowd has also won a deal to provide placemaking advice for a major regeneration scheme in the historic North East city Durham.

It has been appointed by the development consortium – including Arlington Real Estate, Carillion and Richardson Capital – behind the regeneration of the city’s £160m Milburngate scheme.

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