has been appointed by the South Yorkshire Pensions Authority (SYPA) to manage an 拢80m (鈧�93.7m) regional property investment fund.
In 2013, CBRE was appointed to manage a Sheffield City Region fund known as SCR Jessica Fund. The latest mandate expands CBRE鈥檚 existing remit managing the SCR Jessica fund.
SYPA said following 鈥渢he success of the SCR Jessica Fund鈥�, which has seen 拢40.5m invested into the Sheffield City region, it has allocated the 拢80m for regional investment in South Yorkshire.
This funding line will support the ongoing economic growth of the region and will work alongside the SCR Jessica Fund, increasing regional development funding for the South Yorkshire/Sheffield City Region to over 拢120m, it said.
The two funds will operate independently from each other, with SYPA having complete autonomy over investment decisions.
鈥淗owever, opportunities to make strategic joint investments will be a focus and will enable investments into larger scale projects as well as into alternative sectors, including residential and leisure,鈥� it said.
Will Church, a senior director at CBRE Capital Advisors, said: 鈥淲e are delighted to have been appointed to manage The South Yorkshire Pension Fund鈥檚 regional investment allocation.
鈥淭his will complement our ongoing work with the SCR Jessica Fund and enable us to develop a strategic investment plan that will maximise socio-economic growth in the wider region.鈥�
Councillor Sue Ellis, chair of SYPA, said: 鈥淲e are pleased to be working with CBRE to achieve financial returns for our scheme members while at the same time supporting delivery of investment in communities across South Yorkshire.
鈥淭his is an example of an area where we can achieve the commercial return we need to pay pensions at the same time as ensuring the delivery of schemes which will improve the long term prospects of the local economy.鈥�
John Mothersole, chair of the Jessica fund鈥檚 investment board said: 鈥淭he commitment by the SYPA to invest alongside, albeit independently from, the SCR Jessica Fund in the South Yorkshire economy is really welcome.
Not only does it demonstrate a ringing endorsement of the work undertaken by the SCR Jessica to date it also creates more opportunity for investment in the wider South Yorkshire property market, including areas such as residential, where the Jessica has some limitations.鈥�
