LaSalle Investment Management (“LaSalle”), the leading global real estate investment manager, has won a £750 million (approx. €941 mln) mandate from the Greater Manchester Pension Fund, the largest local authority fund in the country.
The mandate involves growing an existing balanced portfolio of commercial property in the UK, and will initially target assets of up to £75 million (€94 mln) each. The mandate, one of the biggest to be awarded in the UK in real estate investment management in recent years, is the latest win for LaSalle’s UK business, which manages more than £1 billion (€1.2 billion) of assets .
Alan Tripp, UK Managing Director of LaSalle, said: “We are absolutely delighted to have been chosen to manage this major portfolio. We look forward to a successful partnership ahead, building on LaSalle’s track record in the UK with its existing relative-return mandates, which have outperformed over all time periods, whether you look at the figures over 1, 3, 5, 10 or 20 years.”
Councillor Quinn, Leader of Tameside Council and chair of GMPF (Greater Manchester Pension Fund), commented: “We are delighted to appoint LaSalle as the main property investment managers for GMPF following a comprehensive selection exercise, and have confidence in their ability to achieve the required investment returns for the Fund over the long term.”
Source: LaSalle Investment Management