The Electricity Supply Pension Scheme (ESPS) has selected CBRE Global Investors to manage a combined UK property portfolio.
The deal comes after the scheme’s investment adviser, Aon Hewitt, proposed a merger of ESPS’s UK property investments with an existing fund to gain economies of scale.
Combining the ESPS portfolio with CBRE’s UK Property Fund creates a £1.47 billion (€1.73 billion) property portfolio.
The CBRE UK Property Fund, managed by Hannah Marshall, is authorised by the Financial Conduct Authority and operated as a property authorised investment fund.
CBRE has been a UK property investment manager for ESPS since 2006.
According to Michael Ness, head of UK for CBRE, the merger is indicative of a theme the firm is seeing among its clients who have “an increasing desire for scale and simplicity”.
CBRE has $89 billion (€83.7 billion) in assets under management.
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