Asset manager appointed at Basingstoke’s Festival Place
Asset and property management firm Estama has been appointed to manage Festival Place in Basingstoke, one of the largest shopping centres in the UK.
The deal marks a major milestone for Estama since it became an Employee Ownership Trust, and continues the group’s expansion of its managed portfolio in recent years.
Spanning 1.2 million sq ft, Festival Place is is home to over 180 retailers including Next, Marks & Spencer, Sports Direct, H&M, and Rituals.
In addition to its retail offering, the scheme also hosts over 20 dining options and a 10-screen Vue cinema.
Appointed as both asset and property manager, Estama has been tasked with stabilising the centre’s performance, improving leasing, elevating the overall retail mix, and maximising net operating income.
Currently, the Festival Place’s occupancy rate stands at 77%, below the industry average of 89%, whilst Estama’s portfolio sits at a 98% occupancy rate on average.
Estama said its initial priority will be to stabilise and improve the centre’s operational management, enabling vacant spaces to be filled with a combination of high-profile brands as well as local independent traders.
Eoin Conway, managing director of Estama, said: “This is a major milestone for Estama since becoming employee owned and a moment of real pride for our team.
“Ross Campbell and George Grimes, our respective heads of asset and property management and their teams, have worked closely together on this appointment, and it’s a brilliant example of how our integrated approach to asset and property management delivers results.
“We’ve seen steady, sustainable growth in the business over the past 18 months, and we’re ready to take on more.
“What’s most encouraging is the continued trust our clients place in us – whether it’s long-standing relationships or new instructions from buyers who want us involved from day one. That speaks volumes.”
(Left to right) Eoin Conway, Ross Campbell, and George Grimes
Moving forward, Estama said it will place significant emphasis on tenant engagement to foster close relationships with occupiers and other stakeholders.
Ross Campbell, director and head of asset management at Estama, said: “We have seen a very active 2024 and even busier Q1 2025.
“Whilst there are head winds in the retail market, we continue to see strong tenant demand and improving footfall at all our centres, and we have established a strong leasing pipeline already in place for 2025/2026.
“Our managed centres continue to evolve and develop helping to provide shoppers want they want and need in a fast-changing world.
“We undertake extensive research at all our centres and using our wide network of retailers we aim to deliver the right tenant and use mix for the local communities and catchments.
“Here at Festival Place, there is a great opportunity to evolve and enhance the offer in both retail and leisure line-up to deliver the shopping experience the community want and need.”
GCW and Lunson Mitchenall are the centre’s retained letting agents.