ABSA consolidates property management

- June 24 2002

The Absa group has consolidated all its core property management and trading activities under one specialised business unit, with these functions now operating as Absa Real Estate Asset Management (Ream).

Ream managing executive Dr Gert Dry said on Monday that the Ream structure consisted of seven support service pillars namely Absa Properties (Absa Props), Security, Facilities Management, Repossessed Properties, Valuations, Absa Devco and Administration.

The head office of Absa Ream would be relocated to premises in Florida, Roodepoort.

'All Absa's property activities have been in a state of consolidation for the past decade as the Absa group took shape out of various banks that went into creating it.

'Now the group's property needs can be catered for by a strategic business unit streamlined to meet its needs.'

Dry said there was focus on the specialised knowledge of the support service areas.

This would ensure a better quality input and more relevant structure to the business.

This meant property business expenditure within the group would now fall under one area of control.

This would immediately allow for better control of total expenditure on service providers in the market.

Absa group executive director Israel Skosana said: 'The structure is a very powerful one which reflects a holistic response to the group's property needs and business as well as to provide full support functions for it throughout the country.

'The new structure will add value to the way the group approaches its property business in future.

'This will automatically be to the advantage of our thousands of internal and external tenants as well as all Absa stakeholders.' - Sapa