REAL ESTATE - The Electricity Supply Pension Scheme has named CBRE Investors to replace F&C Asset Management as manager of its £985 (€1.4bn) core UK property portfolio.
The portfolio comprises around 100 properties, including office, high street retail, industrial and retail warehouse premises.
"The Electricity Supply Pension Scheme (ESPS) confirmed today that the management of its £985m core UK Property Portfolio is to move from F&C Asset Management to CBRE Investors," the £22bn ESPS said in a statement.
F&C said last week that it had been terminated from the mandate with effect from the third quarter. The pension fund at the time said it was not able to disclose the replacement.
"The ESPS scheme-wide Trustee regularly reviews the management of the property portfolio under its five year activity plan," said ESPS chief executive Richard Barlow today.
"On this occasion, the Investment Committee decided on a full competitive tender review, on which it was advised by Hewitt. The Trustees were very impressed with the tender prepared by CBRE Investors, and now look forward to working with CBREI as our new managers.
"The ESPS has had a long relationship with F&C Asset Management and its predecessors on property management, and we wish them every success for the future."
The 203,000-member ESPS is the UK's fourth largest occupational pension scheme.
Eleven of the scheme's 20 sections participate in the core UK Property Portfolio.