PGIM Real Estate has been awarded a €310m (£265m) mandate to develop and manage a UK real return portfolio for Pace, the largest of the Co-op’s pension schemes. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc.
Acting on behalf of Pace, PGIM Real Estate will seek long-term inflation linked returns through investments in UK commercial and residential properties, including leisure, social housing, care homes and car parks.
Charles Crowe, managing director for PGIM Real Estate, commented: “We are looking forward to building a portfolio for Pace using our strong track record in sourcing off-market transactions, and experience in investing across established sectors and creating alternative investment structures.”
Pace is one of the largest pension schemes in the UK with approximately 90,000 defined benefit members and €12.9bn (£11bn) in assets under management, as of September 30, 2016.
