Pramerica Real Estate Investors has won a £180m mandate from John Lewis Partnership Pension Trust.
The fund will invest in direct and indirect UK property assets and will eventually increase to a target size of £270m.
Pramerica is the European arm of Prudential Financial and has UK assets worth £950m under management oh behalf of domestic and international investors.
Pramerica director of UK real estate fund management Paul Dennis-Jones said: “John Lewis Partnership is a great British company and we are delighted to have been selected to manage this prestigious mandate. The Pramerica team has extensive experience of identifying and managing diversified assets across the UK property market, and we look forward to working with John Lewis Partnership Pensions Trust as we grow the pension fund’s direct UK property portfolio.”
Adrian Mitchell, pension investment director at John Lewis, said: “Pramerica offers a wealth of experience in the UK property investment market, and I am confident that they have the expertise to maximise the value of our property portfolio on behalf of our pension fund, as we increase our weighting to this important asset class.”
sophia.furber@estatesgazette.com
