CBRE Investment Management has been awarded a £500 mln (€588 mln) global real estate mandate by the Wales Pension Partnership (WPP), a collaboration of the eight local government pension funds in Wales.
The news follows Schroders Capital’s private markets business landing a £2 bn UK-focused real estate mandate from the Wales Pension Partnership (WPP), announced last week.
The latest mandate will see CBREIM acquire high-quality real estate assets across a range of regions and sectors. This mandate builds on CBREIM’s existing global real assets relationship with WPP, following WPP’s investment into the CBRE global infrastructure fund last year.
This announcement follows the previous news that CBREIM was appointed as the real estate manager for the Access Pool, managing a £1.65 bn UK real estate mandate and a £750 mln global real estate mandate.
Councilor Elwyn Williams, chair of joint governance committee, WPP said: 'The appointment of CBRE Investment Management as global real estate manager completes WPP's real estate offering and is an example of WPP's commitment to working with specialist managers within each of the relevant sub sectors across private markets.'
Achal Gandhi, CIO, indirect strategies at CBRE Investment Management said: 'We are thrilled to expand our strategic partnership with WPP following this appointment.
'This mandate, alongside a number of other LGPS pool mandates that we are working on, underscores the importance of the LGPS to our platform and our commitment to delivering tailored investment strategies that align with the long-term objectives of this client base.'
Catriona Buckley, UK client solutions at CBRE Investment Management, added: 'This appointment is a testament to the long-standing relationships CBRE IM has sustained with a number of the Welsh constituent authorities and underscores our dedication to providing bespoke client solutions.
'We look forward to fostering strong partnerships and continuing to drive value for our LGPS clients.'
