CBRE Global Investors has been awarded the property mandate from London Borough of Hounslow Pension Fund.
The GBP690m pension fund tendered the mandate in March and has appointed two managers to manage five per cent of the fund’s assets.
CBRE Global Investors’ allocation will be invested into the UK flagship pooled fund, CBRE Lionbrook Property Fund.
Lorelei Watson, head of treasury, pensions and capital at the London Borough of Hounslow, says: “We liked Lionbrook’s balance between high quality real estate, and pipeline of added value asset management projects. These, combined with a clear House approach towards cash flow management and income outperformance, made Lionbrook a complimentary choice for our investment strategy.”
Matthew McDonald, fund manager of Lionbrook, says: “We are delighted to have won this mandate through a competitive bidding process, demonstrating the strong progress that has been made with Lionbrook in recent years. We look forward to working with Hounslow and we are confident that Lionbrook is the ideal vehicle for their investment.”