Please subscribe or upgrade your membership. To continue reading this article please sign in below or subscribe to our site.
SubscribeWales Pension Partnership (WPP), the £22.5bn pool for eight Welsh LGPS funds has confirmed details of its UK and global real estate mandates.
The pool has awarded 2bn to Schroders Capital, the private markets division of Schroders Group. Some £400m of the mandate will be deployed in local impact investments across Wales with. The remainder is to 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.
WPP has also awarded a £500m private equity mandate to Schroders Capital last year.
In addition, WPP confirmed a £500m global real estate mandate to CBRE Investment Management this week. The partnership is an extension of the existing relationship between CBRE IM and WPP, which began with WPP’s investment in the CBRE Global Infrastructure Fund last year.
Councilor Elwyn Williams, chair of Joint Governance Committee at WPP confirmed that the appointments of Schroders and CBRE Investment Management concluded WPP’s latest private market tender round, describing real estate as a “core asset class” for WPP’s constituent authorities.
Wales has launched the procurement process for Global Real Estate Managers in November last year, the pool now offers Core UK property, Global property, and local investments in Wales to its partner funds who also have legacy real estate investments in their individual portfolios.
—————
