ING Real Estate has won a £560-million (c. €831 mln) advisory mandate for West Midlands' Metropolitan Pension Fund's direct property portfolio. It is one of the UK's largest Pension Fund property mandates.
Commenting on their change of manager, Judy Saunders, Chief Investment Officer of West Midlands' Metropolitan Pension Fund, said, "We were very impressed by ING Real Estate's portfolio modelling strategy and believe they are in the best position to deliver the fund's performance objectives. Property is a major investment for us and ING has the proven skills going forward to manage our considerable exposure."
Kevin Aitchison, head of Tailored Accounts at ING Real Estate Investment Management UK, said, "This is one of the UK's most valuable property mandates and we are absolutely thrilled to have been chosen by West Midlands. Our proven fund management and strategic research and forecasting capability puts us in good stead to manage a property portfolio of this calibre."
Source: ING Real Estate