Greater Manchester Pension Fund, Manchester, England, hired LaSalle Investment Management to run a £750 million ($1.2 billion) real estate allocation.
The allocation will be part of the £10.5 billion pension fund’s existing balanced portfolio of commercial real estate in the U.K., according to a news release from LaSalle. The portfolio will initially target assets of up to £75 million each.
“This is a significant mandate which can rise up to £1 billion, and we hope that LaSalle can make a significant long-term contribution for the fund’s returns,” said Councillor Kieran Quinn, leader of Tameside council and chairman of the GMPF, in the news release.
The pension fund had a 10% benchmark allocation to real estate as of March 31, 2013, according to the annual report for fiscal year 2013.
Executives at the pension fund could not be reached for comment by press time.