7 May 2024: Two of the eleven Administering Authorities of the ACCESS Pool (‘ACCESS’), Essex County Council and Hampshire County Council, have made the first commitment to the Pool’s new property solution.
CBRE Investment Management (‘CBRE IM’) are to manage the solution having been appointed by ACCESS in November 2023, to manage both a UK Core real estate and a Global real estate mandate. As a specialist manager, CBRE IM is working in partnership with ACCESS to help leverage the cost-effective scale of pooling, providing both UK and Global real estate investment opportunities and diversification.
The investment by Essex and Hampshire marks the progress the Pool is making for ACCESS’s partner funds to invest in Real Estate through the Pool.
Cllr Mark Kemp-Gee, Chairman of the ACCESS Joint Committee, said, “We are pleased to report this significant investment two of our authorities have made to the Pool’s Real Estate manager. It further demonstrates the benefits of the pooling model where our member Authorities are able to realise a number of positives, in this case diversification and cost-efficiencies, to the ultimate aid of their investment objectives for members.”
Hannah Marshall, CIO – UK Direct Real Estate at CBRE Investment Management, said: “Following our recent appointment as UK Core and Global Indirect Investment Manager to the ACCESS Pool, we are thrilled to onboard both the Essex and Hampshire Pension Funds’ real estate portfolios, which brings a total of £1.3bn of real estate assets under ACCESS pool governance. The solution we have been able to provide to the Authorities is a great example of how cost saving benefits of pooling can be reaped whilst maintaining access to high quality managers. We look forward to working with Essex, Hampshire and the ACCESS pool as a whole to continue the pooling journey in real estate.”
Media enquiries:
ACCESS
Tavistock
accesspool@tavistock.co.uk
CBRE Investment Management
helen.stott@cbreim.com / +44 7824 864 875
Helen Stott, CBRE Investment Management
Notes for Editors
About the ACCESS Pool
ACCESS (a collaboration of Central, Eastern and Southern Shires) is made of 11 LGPS Administering Authorities: Cambridgeshire County Council; East Sussex County Council; Essex County Council; Hampshire County Council; Hertfordshire County Council; Isle of Wight Council; Kent County Council; Norfolk County Council; West Northamptonshire Council; Suffolk County Council; and West Sussex County Council.
ACCESS Authorities are committed to collaborating and have each signed an Inter Authority Agreement, setting out how they will work together in response to the Governments pooling agenda across the LGPS, and to optimise benefits and efficiencies on behalf of their individual and collective stakeholders.
As at 31 December 2023, ACCESS’ pooled assets totalled £35bn.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.5 billion in assets under management* as of December 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.