The REIT Manager has appointed JHI Properties Kenya Limited, a specialist Property Manager, to provide property management functions in respect of the REIT’s properties.
JHI Properties Kenya Ltd (“JHI Kenya”), a joint venture between Excellerate Property Services Kenya Ltd (“EPS Kenya”) and Grenadier Group Ltd (“Grenadier”), will act as STANLIB Fahari IREIT’s Property Manager. EPS Kenya owns 70 percent of JHI Kenya and itself is a subsidiary of Excellerate Property Services (Pty) Ltd (“EPS”). EPS is a property management technology, skill and applied services group that provides a wide range of integrated property related solutions and service offerings in Africa. As
a value driven organisation.
The property portfolio currently under management by JHI Group in South Africa comprises of approximately: ZAR 58 billion of asset value; 2,000 commercial and retail properties; 18,300 tenants; and 8 million square metres of lettable space.
JHI Group has in excess of 230 clients throughout Southern Africa of which 11 are listed on the Johannesburg Stock Exchange. The vast majority of these management agreements are for Property & Facilities management agreements for buildings. However, they also render full facilities management services for corporate tenants.
JHI Group has an extensive national and international footprint, with offices in Nairobi (Kenya), as well as Maseru (Lesotho), Windhoek (Namibia), Gaborone (Botswana), Lagos (Nigeria), Harare (Zimbabwe), Lusaka (Zambia) and Accra (Ghana). EPS Kenya has been involved in the management of 8 buildings owned by the Grenadier Group around Nairobi totalling over 200,000 square feet since July 2014 and will continue to manage this portfolio.
The scope of services to be managed by JHI Kenya include:
- Administration of leases and tenancy agreements
- Billing and collection of rents
- Carrying out reviews and escalations of rents Leasing of vacant units – formulate a leasing strategy, structure leases, rental rebates and lease cancellations
- Preparation of letters of offer and negotiation of leases
- Supervision of service providers
- Co-ordination of payments to service providers
- Co-ordination of payment of all statutory outgoings
- Attending to tenancy matters
- The administration and transparency of service charge account Conduct physical inspections of the direct properties on a regular basis and ensure that they are maintained in good order according to the required standards
- To monitor and control the services provided, including cleaning, maintenance and security, while providing pro-active advice relating to future investment in the Properties to maintain high occupational standards and the prestige of the address
Reports to be delivered include: Advising the REIT Manager on value maximization strategies for the portfolio Preparation of monthly, quarterly, semi-annual and annual management reports
- Preparation of budgets and forecasts – annual, quarterly, operating and capital budgets, CAPEX & OPEX Preparation of quarterly financial results and report on spend against budget
- Timely and accurate financial reporting to both occupants and REIT Manager
- Produce clear statements to both REIT Manager and tenants