UK - The West Midlands Metropolitan Pension Fund has awarded ING Real Estate a significant property mandate worth £560m (US$1.1bn).
Judy Saunders, chief investment officer of the £7.8bn (US$15.9bn) pension fund, told Global Pensions in June: “The Fund has benefited from a high allocation to equities and will continue to maintain a relatively high weighting, however the move to alternatives forms part of the overall risk budget and is part of the process of diversification.”
Saunders added that the fund already invested in infrastructure, private equity, active currency, commodities and emerging market debt.
She said: “We will be adding to these areas over the short to medium term but the funds have yet to be chosen.”
In a separate development, ING has just acquired major office space in central Lyons for €41m (US$56.4m).
Commenting on the decision, ING real estate European office fund manager, Leo Weidenaar said: “The Lyon Part-Dieu real estate market is currently very attractive for investors because no other new building will be delivered in the area within the next 18 months.
Weidenaar continued: “We now see the first signs of real rental growth in the market and we expect this to continue in the near future.”
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