UK - The UK Pension Protection Fund (PPF) has appointed LaSalle Investment Management and CB Richard Ellis Investors to develop its global real estate strategy.
Additionally, Aviva Investors will continue to manage an existing UK portfolio and was chosen as a deferred appointment, along with Aberdeen Property Investors and Invesco.

A spokesman for the PPF confirmed that these appointments would be used if further mandates were needed.
The appointments form part of PPF strategy to develop its alternatives portfolio, as set out in its recently-amended Statement of Investment Principles (SIP).

The appointments will be for an initial period of three years, with the PPF having an option to extend the appointment for a further three years.

Other recent appointments by the PPF include Cantab Capital and Winton Capital, as well as DB Advisors on deferred appointment.
In November, the PPF updated its Statement of Principles (SIP) as part of the continuing development of its investment strategy.
The main changes to the SIP mean an extension of the PPF's hedging strategy to include the potential use of bond repurchase agreements and securities lending. This activity remains in line with the PPF's general low-risk approach to asset management.