UK real estate investment manager Delancey has secured an additional £400m (€350.6m) commitment from an unnamed UK corporate defined benefit pension scheme, expanding its value-add mandate to nearly £1bn.
The discretionary capital will target sector-agnostic opportunities across the UK, building on an existing portfolio managed under Delancey’s “proactive core” strategy, Delancey said.
The top-up follows three consecutive years of outperformance against the MSCI Quarterly Property Index since Delancey assumed management of the portfolio in December 2022, the manager added.
Dan Berger, CIO, at Delancey said: “We measure ourselves by whether we deliver what our client set out to achieve. They backed our ‘Proactive Core’ approach to revitalise their portfolio in 2022, and subsequently we’ve delivered three years of outperformance against the MSCI Quarterly Property Index.
“The decision to provide a further £400 million of investment capacity is a strong endorsement of that progress. Our focus now is on deploying that capital responsibly and delivering the same level of performance and service on behalf of the scheme’s members.”
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