Geoffrey Lander, who counts Hammerson, Quintain and JP Morgan Chase among his clients, is leaving the law firm to bring a new property outsourcing model to the market.
Lander has teamed up with Jonathan Edwards, the founder and managing director of real estate consultancy Jonathan Edwards, to set up Tricore Equity Partners LLP. The duo hopes to become a third force alongside outsourcing heavyweights Land Securities Trillium and Mapeley.
The company will take an innovative risk-sharing approach. Corporate occupiers will be able to outsource their real estate and related infrastructure to 50-50 joint ventures with Tricore.
“If we save them costs, we will share those savings 50-50. If their costs increase, we will bear 50 per cent of the increase. Immediately, they achieve a halving of their risk,” said Lander.
Risks relating to ownership and occupation will also be shared. Other models have, so far, involved a complete risk transfer from the occupier to the likes of Land Securities Trillium or Mapeley, which acquire the portfolios of corporate occupiers.
Acting as principals rather than advisers, Lander and Edwards will take equity shares rather than fees. They are already working on their first deal. Lander will leave Nabarros at the end of April, ending a 30-year career at the firm during which he became one of its biggest hitters.
Lander said he hoped to become a significant client of Nabarros, but in order to maintain confidentiality, he turned to Ashursts partner David Kershaw for advice on setting up Tricore. Nabarros, as a whole, was only told of Lander's plans last week.