Greater Manchester Pension Fund appoints Schroders Capital to manage £700m UK portfolio

Island Road in Reading, one of the assets held in the portfolio.

The Schroders Capital real estate team has announced it has been appointed by Greater Manchester Pension Fund (GMPF) to manage its diversified portfolio of over £700 million of direct real estate assets in various sectors including industrial, office, retail and hotels.

The appointment follows a competitive tender process and consolidates our longstanding existing relationship with GMPF as a key strategic client.

Sophie Van Oosterom, Global Head of Real Estate, Schroders Capital said:

“I am absolutely delighted that we will partner with GMPF on the management of their UK direct real estate assets. GMPF is a key strategic client for our real estate business and we look forward to delivering on its investment strategy and objectives, supported by our specialist investment team’s strong operational focus on creating long-term sustainable returns and value.

“We will also work closely with GMPF to deliver a best in class approach to environmental, social and governance considerations and impact.”

Nick Montgomery, Head of UK Investment, Schroders Capital said:

“This is a fantastic win for the business and follows continued outperformance for clients across our UK real estate portfolios. We are looking forward to building on our already strong relationship with GMPF and growing our team in Manchester, bringing us even closer to our assets and the occupier and investment markets in which our team is operating.”
Claire Glennon, Co-Head of UK and Ireland Institutional, Schroders, commented:

“For over 30 years Schroders has been working in partnership with local authorities to manage their pension assets.

“Being selected by GMPF to manage this diversified real estate portfolio is further recognition of our credentials in the Local Government Pension Scheme sector. We are focused on continuing to set new standards in the delivery of performance and service as we build on our already strong relationship with GMPF.”

The appointment enables Schroders Capital to consolidate its presence in Manchester, following the opening of Schroders’ new Manchester office at 2 St. Peters Square earlier this year.

Philip Scott, Schroders Capital’s Fund Manager for the GMPF portfolio, will relocate to Manchester. Phil will be supported by further new hires working across our regional portfolios which should help drive continued outperformance for clients by being closer to our tenants, assets, clients and other key stakeholders.

The mandate coincides with the Schroders Capital real estate team celebrating 50 years of managing direct UK real estate on behalf of local government pension schemes and institutional investors more generally.