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Awards Property Services Contract

Document date:  Wed 29 Apr 1998
Published:  Wed 29 Apr 1998 00:00:00
Document No:  136971
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

ANZ today announced that Global Property Solutions, a consortium of
P&O Australia and JLW Australia, will provide management services for
its properties in Australia and New Zealand.

Global Property Solutions will be awarded a three year contract, with
an option for a further two years, covering facilities management,
and real estate and leasing.

Minimum savings under the contract are expected to be $35 million
over three years involving changed work practices, management
systems, policies and enhanced service delivery. Under the
arrangement, ANZ will retain a strategic property function to work
with Global Property Solutions.

The contract with Global Property Solutions is a further step in cost
containment which has seen Group property costs fall from 16% to 10%
of operating expenses over the last five years.

ANZ's property portfolio to be managed under the contract involves
2,000 properties and over one million square meters of space in
Australia and New Zealand.

For media enquiries, contact:

Paul Edwards 
Head of Group Media Relations