The South Yorkshire Pensions Authority has allocated £80 million for regional investment in its own South Yorkshire region.
The location will be managed by part of CBRE Capital Advisors and it will operate in parallel with the Sheffield City Region JESSICA Fund, which will bring total regional development funding available to over £120 million. The fund will invest across all property sectors, including residential and leisure.
South Yorkshire Pensions Authority chair, councillor Sue Ellis, commented: “We are pleased to be working with CBRE to achieve financial returns for our scheme members while at the same time supporting delivery of investment in communities across South Yorkshire. This is an example of an area where we can achieve the commercial return we need to pay pensions at the same time as ensuring the delivery of schemes which will improve the long term prospects of the local economy.” And CBRE Capital Advisors senior director, Will Church, said: “We are delighted to have been appointed to manage The South Yorkshire Pension Fund’s regional investment allocation. This will complement our ongoing work with the SCR JESSICA Fund and enable us to develop a strategic investment plan that will maximise socio-economic growth in the wider region.”
JESSICA Investment Board chair, Johyn Mothersole, said: “The commitment by the South Yorkshire Pensions Authority to invest alongside, albeit independently from, the SCR JESSICA Fund in the South Yorkshire economy is really welcome. Not only does it demonstrate a ringing endorsement of the work undertaken by the Sheffield City Region JESSICA to date it also creates more opportunity for investment in the wider South Yorkshire property market, including areas such as residential, where the JESSICA has some limitations.”