The London Borough of Hounslow has appointed Threadneedle Investments to manage a UK property mandate for its pension fund following a decision to outsource.
The £690m scheme allocated £20m to the TPEN Property fund, a pooled vehicle which primarily invests in direct commercial property across the UK.
Lorelei Watson, head of treasury, pensions and capital at the London Borough of Hounslow, said: “We liked Threadneedle’s active approach to property management and the emphasis it puts on stock picking, risk management and income yield. Instead of chasing trophy assets, its investment experts look across sectors and regions to find properties with strong fundamentals and attractive yields. We look forward to working with the highly experienced team.”
Threadneedle manages around £6bn in UK property assets. Moira Gorman, the firm’s local authority client director added: “Winning such a high profile mandate is testament to the strength of our offering in UK Property and the pooled pensions space. We are delighted that Hounslow has entrusted us with the management of its property portfolio following a strategic decision to manage these assets externally.”
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