Six local Authorities invest funds in the ACCESS Pool property solution
The ACCESS Pool (“ACCESS”), which consists of assets totalling c.£45bn on behalf of participating Pension Funds, today announces that a further six of its 11 Administering Authorities have made their first commitments to the pool’s property solution.
Norfolk, East Sussex, Suffolk, Cambridgeshire, Hertfordshire and Northamptonshire County Councils join Essex County Council and Hampshire County Council in pooling their real estate holdings to invest in the ACCESS UK Core Fund, with an anticipated target size of £1.7 billion, and the ACCESS Global Indirect Fund, with a target size of £780 million. This brings the total aggregate target size to nearly 40% larger than anticipated at the initial tender stage.
CBRE Investment Management (“CBRE IM”) was 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 for its local authorities, providing both UK and global real estate investment opportunities and diversification.
Councillor Mark Kemp-Gee, Chairman of the ACCESS Joint Committee, said: “We now have a total of eight of our Administering Authorities making significant investments to ACCESS’ property solution, further demonstrating the benefits of the pooling model. Our member authorities can realise a number of positives – in this case, a unified approach, diversification and cost efficiencies – to the ultimate aid of their investment objectives for members.”
Hannah Marshall, CIO – UK Direct Real Estate at CBRE IM, said: “We are pleased to have delivered a real estate solution to ACCESS’ Administering Authorities that provides the cost-saving benefits of pooling, and the specialist transition expertise required to execute the build-up of these funds. With a further six authorities making commitments to the pool’s property solution, bringing a total of £4.1bn of real estate assets under ACCESS pool governance, we look forward to working with ACCESS to build and manage a real estate portfolio that generates both sustainable income and long-term value.”
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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 March 2024, ACCESS’ pooled assets totalled £45bn.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 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 2022 revenue). CBRE has approximately 115,000 employees (excluding 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.