CBRE Investment Management has confirmed being awarded a 拢500m (鈧�587.3m) global real estate mandate by the Wales Pension Partnership (WPP).
As reported last week, WPP, the UK local government pension scheme (LGPS) pooling entity, appointed Schroders Capital to manage core UK real estate and impact investments, and CBRE IM for international real estate. At the time, WPP did not disclose the size of the mandates.
followed with an announcement confirming it had been awarded a 拢2bn real estate mandate by the LGPS pooling entity.
CBRE IM has now also confirmed its appointment to manage the new mandate, disclosing its size and highlighting the expansion of its existing global real assets relationship with WPP, following the LGPS pool鈥檚 investment in the CBRE Global Infrastructure Fund last year.
Achal Gandhi, CIO of indirect strategies at CBRE IM, said: 鈥淲e are thrilled to expand our strategic partnership with WPP following this appointment.
鈥淭his mandate, alongside a number of other LGPS pool mandates that we are working on, underscores the importance of the LGPS to our platform and our commitment to delivering tailored investment strategies that align with the long-term objectives of this client base.鈥�
Catriona Buckley, UK client solutions at CBRE IM, said: 鈥淭his appointment is a testament to the long-standing relationships CBRE IM has sustained with a number of the Welsh constituent authorities and underscores our dedication to providing bespoke client solutions.
鈥淲e look forward to fostering strong partnerships and continuing to drive value for our LGPS clients.鈥�
Councilor Elwyn Williams, chair of joint governance committee at WPP said: 鈥淭he appointment of CBRE Investment Management as global real estate manager completes WPPs real estate offering and is an example of WPPs commitment to working with specialist managers within each of the relevant sub sectors across private markets.鈥�
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