Income Insurance, a composite insurer in Singapore, has appointed CBRE Investment Management to manage its existing $3bn (€2.9bn) real estate portfolio.

CBRE IM has agreed to take over the management of Income Insurance’s real estate portfolio, which includes direct and indirect holdings across APAC, North America and EMEA.

Mark Shi, the CIO of Income Insurance, said: “Real estate is a strategic asset class in Income’s investment portfolio. As our investment is diversified across physical properties and funds in Singapore and abroad, we are excited to collaborate with CBRE IM and leverage their global footprint and track record with the aim of delivering good long-term returns to our insurance policyholders.”

CBRE IM said several team members who previously managed Income Insurance’s portfolio will also be joining CBRE IM’s Singapore office.

“We are delighted that Income has chosen us to support them with their long-term real estate investment goals. With CBRE IM’s scale and global footprint, we can work together across multiple territories and investment strategies to seek to create a holistic approach for our client,” CBRE IM said.

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