LaSalle Investment Management ("LaSalle") are pleased to announce their appointment by the Nationwide Pension Fund ("Nationwide") to build and manage a £100 million direct property portfolio.
LaSalle will build up a diversified balanced portfolio of assets across the UK to fulfil the needs of Nationwide as a long-term investor. This is the first time Nationwide has invested in direct property and they were advised by Hewitt.
Stuart Richmond-Watson, European Director and Fund Director for the account said "We are delighted to announce this new partnership with Nationwide which presents us with the opportunity to implement LaSalle's fully integrated investment management expertise to meet Nationwide's property investment requirements."
Dermot Kiernan, National Director, will act as Fund Manager for the mandate and said "We look forward to actively seeking opportunities across all sectors to meet Nationwide's performance aspirations and risk requirements. It is our intention to fully commit monies to the UK commercial property sector over the 18-24 months."
Source: LaSalle Investment Management