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LONDON-Two of the biggest property players in the UK have teamed up with US-based Simon Property to form a global facilities management joint venture.

Grosvenor, Henderson Global Investors and Simon Property plan to take control of the facilities management of 300 retail schemes in America, Europe and Australia. The core work will come from 47 shopping centres and retail parks owned by Grosvenor and Henderson. But the venture is also seen as a means for Simon to expand into the UK.

The new venture, Tecient, is expected to make substantial cost savings on maintenance, cleaning, security and advertising by exploiting economies of scale. The overall package is also likely to appeal to other landlords and once teh company is up and running it hopes to target new business as well.

Grosvenor head of business Alex Bennett said: “We believe we can achieve savings of up to 50% by doing a handful of big deals on facilities management.” He added: “We will also be looking at ways of cutting advertising costs and setting up marketing partnerships and gift card schemes.”

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