UK - The Universities Superannuation Scheme has appointed DTZ Debenham Tie Leung as investment adviser and manager of its commercial property portfolio.
The property fund manager will take over the role from Jones Lang LaSalle, which will retain the same roles for USS’s retail division.
Drivers Jonas has been appointed planning adviser for the entire portfolio.
Fund surveyor Robert Walden said the move aimed to broaden the advice being received.
“Twelve firms were invited to pitch for the instructions but on the understanding that no one firm could win both.
“Given the size of the portfolio and the different skills required, we wanted to ensure we had good breadth of advice.”
The firms will both be responsible for the due diligence on all major transactions.
Walden said this would also allow the fund to become more directly involved in the market and take responsibility for overall portfolio strategy.
“We will be fully responsible for our own actions, whilst tapping into the best advice and research available.”
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