Key Takeaways
- • Wales Pension Partnership (WPP), the £22.5bn pool for eight Welsh LGPS funds, has confirmed its UK and global real estate manager appointments, concluding its latest private markets tender round.
- • Schroders Capital received a mandate of £200m for UK core real estate and specialist/operational assets, with £40m of that deployed in local impact investments across Wales.
- • CBRE Investment Management was awarded a £500m global real estate mandate, extending a relationship that began with WPP's investment in the CBRE Global Infrastructure Fund last year.
- • WPP previously awarded Schroders Capital a £500m private equity mandate, and describes real estate as a "core asset class" for its constituent authorities.
Summary
Wales Pension Partnership (WPP), the £22.5bn pool serving eight Welsh Local Government Pension Scheme (LGPS) funds, has confirmed the details of its UK and global real estate mandates, according to Room151. The appointments conclude the pool's latest private markets tender round.
The pool has awarded a mandate of £200m to Schroders Capital, the private markets division of Schroders Group. Of this allocation, £40m will be deployed in local impact investments across Wales. The remainder will be invested in UK core real estate focused on the industrial, retail and office sectors, as well as specialist and operational real estate such as hotels, self-storage and student accommodation.
In addition, WPP confirmed a £500m global real estate mandate to CBRE Investment Management (CBRE IM). The partnership extends an existing relationship between CBRE IM and WPP, which began with WPP's investment in the CBRE Global Infrastructure Fund last year. CBRE IM has confirmed the award.
WPP had previously awarded Schroders Capital a £500m private equity mandate. Councillor Elwyn Williams, chair of the Joint Governance Committee at WPP, said the appointments of Schroders and CBRE Investment Management concluded the pool's latest private market tender round, and described real estate as a "core asset class" for WPP's constituent authorities.
The procurement process for global real estate managers was launched in November of last year. The pool now offers core UK property, global property, and local investments in Wales to its partner funds, which also hold legacy real estate investments in their individual portfolios.
The pool has awarded a mandate of £200m to Schroders Capital, the private markets division of Schroders Group. Of this allocation, £40m will be deployed in local impact investments across Wales. The remainder will be invested in UK core real estate focused on the industrial, retail and office sectors, as well as specialist and operational real estate such as hotels, self-storage and student accommodation.
In addition, WPP confirmed a £500m global real estate mandate to CBRE Investment Management (CBRE IM). The partnership extends an existing relationship between CBRE IM and WPP, which began with WPP's investment in the CBRE Global Infrastructure Fund last year. CBRE IM has confirmed the award.
WPP had previously awarded Schroders Capital a £500m private equity mandate. Councillor Elwyn Williams, chair of the Joint Governance Committee at WPP, said the appointments of Schroders and CBRE Investment Management concluded the pool's latest private market tender round, and described real estate as a "core asset class" for WPP's constituent authorities.
The procurement process for global real estate managers was launched in November of last year. The pool now offers core UK property, global property, and local investments in Wales to its partner funds, which also hold legacy real estate investments in their individual portfolios.
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