Schroders Capital is taking over the management of Greater Manchester Pension Fund’s (GMPF) £700m (€814m) UK real estate portfolio which was previously managed by LaSalle Investment Management.

Schroders said its real estate arm has won the bid to manage the £22bn pension fund’s diversified portfolio of direct real estate assets in various sectors including industrial, office, retail and hotels.

Sophie Van Oosterom, the global head of real estate at Schroders Capital said GMPF is a “key strategic client for our real estate business and we look forward to delivering on its investment strategy and objectives”.

Nick Montgomery, the head of UK investment at Schroders Capital said: “This is a fantastic win for the business and follows continued outperformance for clients across our UK real estate portfolios.”

Claire Glennon, co-head of UK and Ireland institutional at Schroders, said: “For over 30 years Schroders has been working in partnership with local authorities to manage their pension assets.

“Being selected by GMPF to manage this diversified real estate portfolio is further recognition of our credentials in the Local Government Pension Scheme sector.”

LaSalle won its mandate to manage GMPF’s UK property portfolio in 2014.

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