Telefonica UK Limited (T/A O2) has instructed GCW to deal with all retail agency and lease advisory matters across their portfolio in the UK.
GCW will be identifying opportunities to make savings across O2’s retail estate and has already achieved several early successes allowing O2 to benefit from substantial rental savings /incentives.
Following a strategic overview of the portfolio, a small number of O2 stores have been identified for disposal and these are now being actively marketed.
GCW has and continues to be heavily involved in shaping the retailer’s response to landlords in respect of the COVID19 pandemic.
Adam Cohen, Lease Advisory Director at GCW said: “O2 is a market leading brand with stores in almost every major high street /shopping centre in the country. We are enjoying our new relationship, which allows us to provide strategic advice as well helping manage their portfolio aggressively using a combined lease advisory / agency approach. This approach, together with leveraging off O2’s excellent covenant strength will allow us to secure the best results in the ever-changing retail property market”.
Nicole Young, Estates Manager for O2 owner Telefonica UK Limited, says: “GCW demonstrated a clear joined up approach to providing and implementing an estates strategy for O2. I valued their independent way of thinking and that the team that I met are those working on the instruction. Since I started working with GCW, they have already achieved a number of positive outcomes ahead of expectations.”