Centrica extends contract to increase efficiencies and right-size portfolio

London, 23rd November 2023 - BNP Paribas Real Estate today announced that Centrica has extended its contract with the firm as it continues to deliver on its objective of increasing efficiencies and rightsizing its portfolio to fit into a post-COVID working environment.

Its occupier solutions team, led by Tom Bolland, have been awarded an extension to its existing contract by the international energy services and solutions company, on new and improved terms, with an option to renew. The contract covers around 100 UK property interests spanning up to 1.7 million sq ft of predominantly office and industrial units, but also includes energy assets, wayleaves and car parking. 

The scope of services have extended to deliver a co-ordinated approach to Centrica’s transactions and financial reporting, helping align its property portfolio to its overall business strategy.

Mark Lycett, real estate lead at Centrica commented: “Our continued partnership with BNP Paribas Real Estate, spanning over 15 years, has been fundamental in us refining and reshaping our real estate portfolio to meet our employee and occupier needs, and as such we have expanded the remit to incorporate additional activity. The team has helped us to not only engage more effectively with our stakeholders but evaluate the results of our efforts in a clear and concise manner.

Rob Barnes, director, occupier solutions at BNP Paribas Real Estate added: “We pride ourselves on acting as a like-minded business partner to our clients’ to create well-articulated property strategies which add value to our portfolios by identifying previously unconsidered options. Centrica is a prime example of where we have been able to execute this effectively. Our role as a long-term partner has helped them to unlock value across its assets over time in line with the goals of its estates strategy. This new extension will support in driving transactions and overall stakeholder integration.”

BNP Paribas Real Estate has been working as Centrica primary real estate advisor since 2007, of which services provided include estates and strategy, data & treasury, agency, building consultancy, lease advisory, property management and planning.

Its occupier solutions team delivers fully integrated portfolio management and occupational strategies to support business transformation and deliver balance sheet enhancing solutions, ranging from data and estate management, workplace strategy to occupier capital markets, portfolio strategies, office acquisitions and surplus space disposal.

Centrica extends contract to increase efficiencies and right-size portfolio