UK – Suffolk County Council (SCC) has awarded a £70m (e112m) domestic indirect property mandate to investment manager Schroders.
The portfolio will be run by the manager’s five strong property fund of funds team.

The mandate initially involves the investment of £28m of cash and the restructuring of SCC’s existing £42m portfolio.
Schroders will invest the assets through a variety of real estate vehicles include property unit trusts, managed property funds and limited partnerships.

“We believe that Schroders has a unique ability to serve this particular niche of the property investment market with a dedicated team and as such we are well positioned to benefit from the growing trend towards indirect property investment,” says Mike Clarke, director of Schroders’s property investment management division and head of the fund of funds team.

The fund of funds team currently manages investments of £170m, and the company says it is a growing area of its property business, as smaller pension funds transfer money from direct to indirect property holdings.