Border to Coast Pensions Partnership, Leeds, England, appointed Townsend Group as a consultant for its about £5 billion ($5.6 billion) real estate proposition.
The U.K. pensions pool, which has local authority pension fund members representing about £60 billion in assets, said in a news release that the firm was selected following a "rigorous" procurement process. The pool was advised by MJ Hudson.
Townsend Group will support the pool's real estate team in building two global propositions, which are set to launch next year. Border to Coast is expecting to launch core and value-add/opportunistic strategies. Each offering will provide member pension funds with access to a diversified portfolio of real estate funds, aiming to secure enhanced long-term, risk-adjusted returns.
The consultant will provide investment and portfolio support, due diligence on prospective investments and will also support the pool in embedding ESG considerations into the investment process.
A proposition for U.K. real estate will follow the launch of the two global offerings, the release said.
"By leveraging the expertise, resources, and influence gained through our collective scale, we expect to be among the largest real estate propositions in the U.K. — expanding investment opportunities for our partner funds and acting as a strong voice on responsible investment in the sector," Alistair Smith, head of real estate, said in the release.
The Townsend Group has $147 billion in assets under advisement.
