London-based Orchard Street Investment Management has scooped a mandate to provide real estate investment advice to the BBC Pension Fund in the UK.
The investment company will take over the management of the £300 million (€373 million; $470 million) UK portion of the BBC pension’s £1.1 billion real estate portfolio from present incumbent, CBRE. More than half of the fund’s real estate investments are in the UK with the rest being in Continental Europe and the US.
The contract win comes hot-on-the-heels of another recent success for the firm in April when it won the backing of The Government of Singapore Investment Corporation (GIC) for the creation of a special situations fund targeting approximately £200 million (€243 million; $316 million) of UK commercial property. That was the second time GIC had parked some of its vast sovereign wealth capital with Orchard Street. It originally committed to its first special situations fund in 2009, which went on to buy £130 million of property.
The company also won a mandate last year to manage assets on behalf of St James’s Wealth Management last year and has a long-standing arrangement to manage real estate assets of the British Railways Pension Fund.
Orchard was set up in 2004 and now manages £3 billion of assets following the BBC win.