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Transfield Services and CFSP combine to launch new dimension in property services for large corporates with Five D Joint Venture

1 October 2003

Colonial First State Property (CFSP) and Transfield Services today announced the formation of a Joint Venture company called Five D Pty Ltd to provide the first integrated end-to-end property and facilities management service for Australian and New Zealand corporates covering retail, commercial and industrial property facilities.

Together, the joint venture partners will commit in excess of $20 million in existing shared infrastructure and in addition to its operational core of more than 30 senior executives, Five D will have access to the expertise of over 1400 property specialists.

We estimate the capitalised value of owned and leased assets occupied by public and private organisations to be in excess of $1,000 billion, with an estimated market opportunity of around $500 million pa.

In a joint statement Peter Watson, Managing Director, Transfield Services and Geoff McWilliam, Executive General Manager, Colonial First State Property said: "The two companies have combined their expertise because the market opportunity for a fully integrated service to help large corporates get the best out of the property they occupy is significant and has so far been unmet.

"CFSP bring the skills to create the property envelope and Transfield Services brings the skills to manage and maintain what goes on inside the envelope.

"By focusing on the productivity gains available from truly aligning property and facilities management with an organisation's business needs, we unlock previously trapped value for our customers.

"We are pleased to announce that the General Manager of Five D will be CFSP’s current General Manager, Corporate Portfolios, Trent Alston whose long and broad experience in investment and corporate property management makes him the ideal person to grow this exciting business," they said.

Trent Alston’s property background is diverse, with domestic and international property experience gained from the perspectives of project manager, developer, and fund manager during his 13 years at Lend Lease. Prior to heading up CFSP’s Corporate Portfolios division, which manages the Commonwealth Bank's one million square metres of operations, Trent was Wholesale Funds Manager for CFSP.

Five D General Manager, Trent Alston said: "The concept goes way beyond simply maximising the utility of existing facilities and encompasses the strategic decisions to be made about where and what kind of property best suits the business needs for the longer term.

"CFSP and Transfield Services have an inherently neat and complementary fit. We are both driven to create long term relationships with clients that are strongly aligned to delivering value, which is what Five D is all about.

"Five D takes a holistic approach, working to achieve the best alignment with a customer’s business needs of both the portfolio envelope they occupy and the effective utilisation of the space within that envelope," Mr Alston said.

In practice, Five D combines the skills and experience of the JV partners to provide:

  • Master planning strategies to reduce vacancy, occupancy, direct costs and align workplace functions to achieve optimal business efficiency.
  • Developing financial occupancies strategies to most effectively utilise the organisation’s balance sheet.
  • Value engineering and project managing capital works to office, manufacturing and retail sites to maximise asset utility and minimise total life cycle costs.
  • Delivery of procurement and energy savings by implementing more effective purchasing and leveraging scale.
  • Implementing preventative maintenance programs to reduce total life cycle costs and enhance productivity and reliability.
  • Implementing proven risk management techniques to enhance safety and compliance.
  • Providing robust information and benchmarking to support our client’s strategic and operational decision making.

"The value that Five D’s integrated operations can unlock will be of tremendous benefit to existing CFSP and Transfield Services clients too.

"In the future, Five D will be the premier vehicle to provide property and facilities management services to new clients", Mr Alston said.

About the Five D Brand

The Joint Venture company is to be named Five D, which represents the fifth dimension of value.

Organisations need a credible partner to manage their space over time. This basic requirement has four dimensions, three being the physical volume of space and the fourth being the dimension time

The Joint Venture partners’ direct experiences have shown that by working in close partnership with clients and combining our unique skills and insights, Five D can offer a service that goes beyond these traditional four dimensions to unlock the dimension of value.

About Five D General Manager, Trent Alston

Prior to being appointed Five D General Manager, from late 2001 Trent was the General Manager, Corporate Portfolios for Colonial First State Property (CFSP), responsible for the strategic planning, implementation and management of the Commonwealth Bank’s property portfolio. Corporate Portfolios plays an important role supporting the Commonwealth Bank and a growing number of external clients, delivering real estate solutions that support their changing business requirements.

Prior to his move to Corporate Portfolios in November 2001, Trent was the Wholesale Funds Manager for CFSP. This role involved direct Fund Management responsibilities for several institutional investment funds, together with an oversight role managing and developing CFSP’s $7.5 billion unlisted property funds business.

Prior to joining CFSP in July 1998, Trent gained a wide range of property experience during his 13 years at Lend Lease. His property background is diverse, with domestic and international experience gained from the perspectives of project manager, developer, fund manager and corporate occupier.

About the Joint Venture Partners

Transfield Services Ltd has led the market in facilities and property management, pioneering outsourcing in operations and maintenance services over 10 years ago. Transfield Services is the largest and most comprehensive facilities management and maintenance provider in Australia and New Zealand with Transfield Services’ 5,500 people managing over 80 contracts in 11 industries. The Company’s turnover in 2002/03 exceeded $1 billion.

Colonial First State Property is recognised as a leader in providing high end property management skills. Managing over $14 billion in assets across over 3 million m2, CFSP is one of the largest active managers of property on behalf of owners and occupiers across all property sectors in Australia and New Zealand. CFSP has built an enviable track record of adding value through acquisitions, disposals, leasing, property management and capital works.