Utmost Life and Pensions has appointed Aberdeen Investments to manage a commercial real estate lending (CREL) mandate to support its growing bulk purchase annuity (BPA) business.
The CREL mandate will focus on sourcing and managing high-quality commercial real estate debt investments for Utmost helping support the continued growth of its BPA business and broader pension risk transfer ambitions.
Aberdeen has already completed the first transaction under the mandate, providing financing secured against a prime Grade A office asset in central London.
The appointment comes at a time when insurers are increasingly seeking specialist partners with proven origination, underwriting and asset management capabilities in private markets.
Craig Baker, chief investment officer at Utmost Life and Pensions, said: “As we continue to grow our BPA business, securing access to high-quality private market assets is an important component of our investment strategy.
“Aberdeen’s long track record in commercial real estate lending, combined with its insurance asset management expertise, made it a strong partner for this mandate.”
Martin Barnewell, head of commercial real estate lending at Aberdeen Investments, added: “This early investment highlights the strength of our origination and execution capabilities, as well as our ability to identify attractive opportunities while maintaining our disciplined investment approach.
“We value the confidence Utmost Life and Pensions has placed in our team and look forward to building a long-term partnership through the delivery of high-quality real estate debt investments that support the growth of its BPA business.”
To read the latest IPE Real Assets magazine click here.
