West Midlands Pension Fund has reappointed CBRE Global Investors to manage its 拢622m (鈧�776m) UK property portfolio and will give the manager more discretion.
The existing advisory mandate, which has been in place for seven years, will effectively be replaced at the end of September by a new discretionary one.
CBRE Global Investors had to re-tender for the new mandate, which will last for another seven years with an option to extend it by a further three.
The outgoing mandate was originally awarded to ING REIM before the company was merged with CBRE鈥檚 investment management business to create CBRE Global Investors.
The directly-held UK real estate portfolio of the 拢10bn West Midlands Pension Fund includes a number of core assets, such as the 270,000sqft Arc Shopping Centre in Bury St Edmunds and the 54,000sqft office at 35 Newhall Street in Birmingham.
鈥∕ichael Daggett, fund manager at CBRE Global Investors described the three-month re-tendering process as 鈥渞igorous鈥� and said the manager would seek to build on 鈥渢he portfolio鈥檚 solid foundations鈥�.
