ACCESS Pool, Essex, England, selected CBRE to manage allocations to global and U.K. real estate totaling up to £1.8 billion ($2.3 billion).
A spokeswoman confirmed the appointment, which will see the pool of local authority funds, which have a combined £35 billion in assets, invest between £750 million and £1.3 billion in U.K. core real estate. Its global real estate investment will be between £400 million and £550 million. The pool said on its website it could increase both of these allocations.
An RFP was published in August.
Consultant MJ Hudson assisted with the search.
The contracts will run for 30 years, with a review every five years.
