PGIM Real Estate has been awarded a £265m mandate to develop and manage a UK real return portfolio for Pace, the largest of the Co-op’s pension schemes.
The company, formerly Pramerica, will target long-term inflation-linked returns in a range of UK commercial and residential properties, including leisure, social housing, care homes and car parks.
It will be the latest addition to the £1.1bn UK real estate portfolio PGIM Real Estate manages for its pension scheme clients.
Charles Crowe, managing director at PGIM Real Estate, said: “We are looking forward to building a portfolio for Pace using our strong track record in sourcing off-market transactions, and experience in investing across established sectors and creating alternative investment structures.”
Company profile: PGIM Real Estate
From September: PGIM raises £457m for European Value Partners fund
From May: Pramerica rebrands as PGIM Real Estate
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