Landmark Deal Sees Estama Appointed to Manage Basingstoke’s Festival Place Shopping Centre

Estama, the leading asset and property management firm, has been appointed to manage Festival Place, one of the UK’s largest shopping centres. Festival Place is one of the top 25 largest shopping centres in the UK at 1.2 million square feet, located in the heart of Basingstoke and just off the M3, is home to over 180 big-name retailers, including Next, Marks & Spencer, Sports Direct, H&M, and Rituals. In addition to its impressive retail offering, the centre boasts over 20 dining options and a 10-screen Vue multiplex cinema. The deal marks a major milestone for Estama since becoming an Employee Ownership Trust and continues the company’s steady expansion of its managed portfolio over recent years.

The firm has been appointed as both Asset and Property Managers for the shopping centre and is now tasked with stabilising Festival Place’s performance, improving leasing, elevating its overall retail mix and maximising NOI. Currently, the shopping centre’s occupancy rate stands at just 77%, far below the industry average of 89%, while Estama’s portfolio boasts an impressive 98% average occupancy rate.   The team’s initial priority will be to stabilise and improve the centres operational management, enabling vacant spaces to be filled with a mix of high-profile brands and local independent traders that complement the centre’s existing offering and suit the demographic of Basingstoke. “This is a major milestone for Estama since becoming employee owned and a moment of real pride for our team,” said Eoin Conway, Managing Director of Estama. “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,” he added.

Estama’s combination of expertise in both asset and property management allows a far more streamlined approach which simplifies communication, avoids duplication of effort, and delivers cost-effective solutions for clients. This comprehensive understanding of retail asset and property management is a key factor in Estama’s ability to stabilise assets quickly, as evidenced by its recent success in managing other shopping centres for private and public clients. Moving forward, Estama will place significant emphasis on tenant engagement, fostering close relationships with occupiers and other key stakeholders. “We have seen a very active 2024 and even busier Q1 2025,” said Ross Campbell, Director & Head of Asset Management. “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,” he added. Known for its results-driven approach, Estama combines investment insight, management expertise, and placemaking to enhance efficiency and deliver impactful outcomes for its clients.