Essex and Hampshire have backed a new property solution launched through the ACCESS LGPS pool.
The two funds have collectively allocated £1.3bn to the property mandate, which is run by CBRE Investment Management and launched in November last year.
CBRE runs both UK core and global real estate mandates for the ACCESS pool, which is responsible for pooling the assets of 11 local government pension schemes (LGPS) across south-east England.
Councillor Mark Kemp-Gee, chairman of the ACCESS joint committee, said the investment “further demonstrates the benefits of the pooling model where our member authorities are able to realise a number of positives, in this case diversification and cost efficiencies, to the ultimate aid of their investment objectives for members”.
Hannah Marshall, chief investment officer for UK direct real estate at CBRE Investment Management, said: “The solution we have been able to provide to the Authorities is a great example of how cost saving benefits of pooling can be reaped whilst maintaining access to high quality managers.”
Earlier this year, ACCESS appointed IFM Investors and JPMorgan to run global infrastructure mandates, and the pool is also in the process of appointing managers for timberland and social housing and infrastructure mandates.
The LGPS pool is also on the hunt for private equity managers, with proposals to be submitted by 24 May.
