ACCESS Pool, which manages £35bn (€40.4bn) of UK local government pension scheme (LGPS) assets, has appointed CBRE Investment Management to manage domestic and global real estate mandates.
ACCESS said it was the first step in launching a pooled real estate investment proposition for its 11 partner LGPS funds.
The mandates include a domestic core real estate mandate, which is expected to be worth up to £1.25bn, and a £550m global mandate.
ACCESS said the mandates had the potential to grow over time, in line with the LGPS funds strategic asset allocations.
The transaction involves the parties working together to help “leverage the cost-effective scale of pooling, establishing access to both UK and global real estate investment opportunities”, said ACCESS Pool.
CBRE IM’s appointment marks the first step in the launch of a pooled real estate investment proposition for the ACCESS Pool’s partner funds, following the appointment of MJ Hudson back in January as implementation adviser for the pooling of illiquid assets, including private equity, infrastructure, private debt and real estate.
At the time, ACCESS Pool said MJ Hudson would provide support to the pool in selecting individual investment opportunities and investment managers to build portfolios in a range of illiquid assets. Real estate is the first illiquid asset class to be considered for pooling within private markets for ACCESS.
Councillor Mark Kemp-Gee, chairman of the ACCESS joint committee, said: “We are very pleased to confirm CBRE Investment Management as the partner to manage these significant property mandates. They bring extensive expertise and deep knowledge of the market. It is another major step in ACCESS’ progress as we build our offering and leverage our own scale on behalf of our authorities.”
Hannah Marshall, CIO of UK direct real estate at CBRE Investment Management, said: “Our extensive local and global experience, as well as our ability to offer cohesive oversight of the direct and indirect processes, access to a large investment pipeline and a track record of delivering strong returns, met with their investment objectives.
“We look forward to this collaboration with ACCESS and building a portfolio that aims to generate sustainable income and provide long-term value to its members.”
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