Asset Manager
Employment Type : Full-Time
The Operating Manager (OM) is in charge of the value creation of his/her assets (2-4 shopping centers) by defining and rolling out the strategy by aligning the asset team (including members from other divisions/departments and his/her OM team) and to fulfill the first year of the 5-Year Business Plan (5YBP) for the assets. The OM is responsible for directly leading the asset teams, while also managing an Operating Analyst.
ACCOUNTABILITIES
- Net Operating Income and Property Value growth
- Achieving/exceeding the full 5YBP over the plan with a focus on the first year, organizing contributions of all internal departments
- Carries out and delivers the ERV project (value and merchandising of tenant spaces), validation of operational assumptions on valuations and quarterly reporting
- Proactively drive priorities from a NOI/cash flow perspective towards the leasing targets –do arbitrages/trade-off judgments related to merchandising
- Continuously develop new opportunities for growing revenue, including value creation opportunities on Brand Events, Other income, etc.
- Follow up and challenge all operating expenses and capital expenditures, while allowing for a high quality customer experience
- Prepare, suggest and follow through on all major CAPEX in accordance with compliance. ROI/IRR calculations, risk assessments, and corporate approvals/presentations
- Strategy definition
- Defines, develops and delivers the long term strategic direction for each stable asset, value creation, 360 view and competitive position.
- Executes the full positioning of the asset (merchandising mix, marketing, innovation projects, interior design, layout, shop fronts)
- Holds a strategic view and the vision on the asset and a deep understanding of the market, catchment area and the customer
- Defines action plans on stable assets (development, construction, common area design/amenities, leasing, marketing, and specialty leasing)
- Assist with renovation projects on standing assets for values of less than $10m
- Ensure strategy for the property aligns with the Senior Operating Manager’s vision and direction
- Project delivery
- Acts as an owner of his/her portfolio of assets
- Acts as team leader for leasing, shopping center management, marketing, development, and financing to deliver the 5YBP, and pushes his/her team members to succeed in achieving the portfolio’s target
- Acts as project leader in strategic projects, especially on Innovation projects
- Trains, delegates and sets the priorities for Operating Analysts where appropriate.
- Raise issues to the Senior Operating Manager where relevant to ensure timely resolution and alignment with regional objectives
- Other
- Drives deals forward and participates in negotiations with tenants when the deal has a substantial investment or other complicated elements
- Participates in improving processes/tools/”ways of working”
KPIs
- NOI vs. budget
- Comparable NOI growth over indices over 5 years
- Market Rent development
- Valuation increase (over capex)
- ROI/IRR for Operating Management driven projects
- Vacancy rate
- Rotation rate
- Innovation
CORE COMPETENCIES
- Soft Skills
- Project Management
- Ability to plan project tasks and activities
- Ability to coordinate all activities, organize necessary contributions and leverage other departments through influence
- Ability to anticipate problems and to prioritize
- Ability to solve complex problems, involving a large numbers of actors (internal/external)
- Ability to think critically to creatively solve problems across the business, including issues outside their area of direct expertise
- Drive
- Entrepreneurial (the asset should be regarded as the Operating Manager's own business and budget as own investment)
- Sense of commitment, ability to work under pressure and be focused
- Responsiveness, agility and anticipation
- Innovative and challenging
- Leadership
- Ability to partner with other internal departments to maximize value from their centers
- Ability to convince external partners, be independent, and make sound business decisions
- Good communication and negotiation skills
- Hard and Technical Skills
- Business/financial
- 5+ years required, with 3+ in real estate
- Advanced financial skills (business model preparation, calculation of return on investment, return on capital employed)
- Business modeling skills for developments, acquisitions, new investments:
- Ability to define, model, compute, and document assumptions: operations and leasing, acquisition costs, capex/asset redevelopment, tax, disposal.
- Ability to prepare/present a synthetic Business Model/Investment proposal
- Ability to assess associated risks and apply investment criteria with judgment and prepare a recommendation
- Understanding of impact of any operational decision on asset profit and loss account
- Basic accounting knowledge. Full knowledge of Group glossary and accounting
- Advanced analytical skills
- Ability to analyze, model, and compute complex problems/projects
- Willingness to enter in the details and ability to synthesize analysis and facilitate decision making
- Advanced Excel (e.g. use of financial functions, database and search functions, pivot tables)
- Commercial understanding
- Knowledge and strong interest in retail industry (knowledge of key retailers, interest in brands/products)
- Basic knowledge in real estate investment
- Asset valuation (cap rates, discounted cash flows, comparables, replacement costs)
- Knowledge and understanding of investment/divestment criteria on the real estate market and players’ profile
- Legal knowledge in leasing/commercial/real estate law
EDUCATION
- BA/BS Business Economics, with Finance & Accounting—MBA preferred
Unibail-Rodamco-Westfield is an equal opportunity employer that embraces diversity of backgrounds, perspectives, experience and skills. We believe that diversity plays an important part in the success of our business and we are committed to creating an environment which respects, values, celebrates and makes the most of people’s individual differences. We evaluate qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, and other legally protected characteristics.
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