Pension Protection Fund, London, hired LaSalle Investment Management and CBRE Investors to run real estate portfolios, according to PPF spokesman Richard Hunt.
LaSalle will invest in a range of real estate funds globally, while CBRE will manage a U.K. direct real estate portfolio, Mr. Hunt added. The sizes of the portfolios were not disclosed. Funding will come from cash inflows.
Separately, Aberdeen Property Investors and Invesco Real Estate, along with existing real estate manager Aviva Investors, were placed on a preapproved list to manage future real estate investments. Aviva manages U.K. real estate strategy. The value of Aviva’s portfolio could not be immediately learned.
The pound;4.5 billion ($7 billion) PPF’s target asset allocation is 70% cash and bonds; 10% global equity and 20% alternatives, including real estate.