FINANCE: CBRE Global Investors has won a further seven-year term ?managing the West Midlands Pension Fund’s £600m ?property portfolio.
The firm has held the discretionary mandate since its 2011 takeover of ING Real Estate Investment Management but the contract, due to expire in September, was put up for retender in April. The move was prompted by EU regulations specifying that the WMPF must go through a competitive ?bidding process after seven ?years with the same manager.
Cushman & Wakefield Investors managed the £9.8bn pension fund’s property portfolio prior to ING taking over management in 2007.
Separately, Greater Manchester Pension Fund has shortlisted CBRE-GI, DTZ Investment Management and La Salle Investment Management as finalists for a fresh £500m real estate mandate. A final decision is expected over the summer. The new mandate will more than double the £11.1bn ?pension fund’s existing allocation to commercial property, from its current £450m.
Lancashire county council’s decision about the award of its £434m real estate investment mandate is also due this summer.
Sophia.Furber@estatesgazette.com
