Lovells has scored its first property instructions from Prudential Plc, after the company was won over by the work the firm has been doing for PruPIM, the company's property investment arm.
Following a successful pitch in January, Lovells has been rewarded with all of the work for Prudential's corporate property arm. As with PruPIM, the firm will implement the 'Mexican Wave' scheme for all the plc's property matters.
Under the PruPIM scheme, Lovells subcontracts less complex matters to regional firms Cripps Harries Hall and Knight & Son so the work can be completed at a lesser cost to the client.
For the plc, Cripps will advise on smaller matters, but because there will be less work involved than with PruPIM, Knight & Son will not be utilised. Previously, the Prudential in-house team has handled most property matters internally.
Lovells has appointed property partner Shaun Lamplough, who is also one of the PruPIM Mexican wave partners, as the client relationship partner to Prudential Plc.
“We're very pleased to have been instructed,” said Lamplough, adding that the firm will handle ongoing work dealing with the company's property needs throughout the UK.
The Mexican Wave scheme was developed specially for PruPIM last year, in a bid to keep costs for the client down, while still ensuring the Lovells stamp of quality. With the scheme Lovells won what had previously been Berwin Leighton Pais-ner's share of PruPIM's work.
The system is now up and running. “Deals are starting to come through now,” said head of property Robert Kidby, who initially devised the concept. “We've had several completions by Cripps and we're now working subject to the Mexican Wave.”
It seems that the scheme may generate further work for Lovells. The firm has received inquiries from a number of companies, both clients of the firm and those of other firms, wishing to know more about the scheme.