UK – Investment manager Renshaw Bay has won a mandate from life and pensions insurer Guardian Financial Services to run a £350m (€412m) commercial real estate debt fund.

Guardian Financial Services said it invested primarily in corporate bonds and the new mandate was its first foray into commercial real estate debt.

Jonathan Yates, chief executive at Guardian Financial Services, said: "Commercial real estate debt is an attractive new source of fixed income for us that offers enhanced yields and risk-adjusted returns appropriate for our long-dated liabilities."

It said the mandate would involve investment in fixed-rate senior loans with maturities of between five and 15 years.

These loans are to be secured against UK office, retail and industrial properties.

Guardian Financial Services, which has been owned by European private equity firm Cinven since 2011, has around £13bn of assets, which are managed by a variety of fund managers.