ACCESS has appointed CBRE Investment Management (CBRE IM) to manage both a UK Core real estate and a global real estate mandates.
As a specialist manager, CBRE IM will work in partnership with ACCESS to help leverage the cost-effective scale of pooling, establishing access to both UK and global real estate investment opportunities. The appointment marks the first step in the launch of a pooled real estate investment proposition for ACCESS’ partner funds.
It is anticipated that the mandate size for the UK Core real estate mandate will be up to c. £1.25 billion, and c. £550 million for the global real estate mandate, with potential to grow thereafter in line with the authorities’ strategic asset allocations.
Real estate is the first illiquid asset class to be considered for pooling within private markets for ACCESS.
Cllr Mark Kemp-Gee, Chairman of the ACCESS Joint Committee, said, “We are very pleased to confirm CBRE Investment Management as the partner to manage these significant property mandates. They bring extensive expertise and deep knowledge of the market. It is another major step in ACCESS’ progress as we build our offering and leverage our own scale on behalf of our Authorities.”
Hannah Marshall, CIO – UK Direct Real Estate at CBRE Investment Management, said: “We are delighted to have been chosen by ACCESS to partner with them to support their long-term goals for direct and indirect real estate strategies. Our extensive local and global experience, as well as our ability to offer cohesive oversight of the direct and indirect processes, access to a large investment pipeline and a track record of delivering strong returns, met with their investment objectives. We look forward to this collaboration with ACCESS and building a portfolio that aims to generate sustainable income and provide long-term value to its members.“