West Midlands reappoints manager to £600m direct property mandate

first_imgWest Midlands Pension Fund has reappointed CBRE Global Investors to manage its £622m (€776m) UK property portfolio and will give the manager more discretion.The existing advisory mandate, which has been in place for seven years, will effectively be replaced at the end of September by a new discretionary one.CBRE Global Investors had to re-tender for the new mandate, which will last for another seven years with an option to extend it by a further three.The outgoing mandate was originally awarded to ING Real Estate Investment Management before the company was merged with CBRE’s investment management business to create CBRE Global Investors. The directly-held UK real estate portfolio of the £10bn West Midlands Pension Fund includes a number of core assets, such as the 270,000sqft Arc Shopping Centre in Bury St Edmunds and the 54,000sqft office at 35 Newhall Street in Birmingham and as of March last year its real estate holdings were worth £838m.
Michael Daggett, fund manager at CBRE Global Investors described the three-month re-tendering process as “rigorous” and said the manager would seek to build on “the portfolio’s solid foundations”.last_img read more

Fire incidents in Iloilo City drop

first_imgCandles Always keep burning candles withinsight. Do not leave stoves unattended. According to Fire Chief InspectorMelanie Habawel, city fire marshal, most of the fires were electrical innature. Of the 81 fire incidents in the firstquarter of 2020, 22 occurred in January, 25 in February and 34 in March. He also cited BFP’s fire safetyinformation campaign. Other causes were open flames andunattended cooking materials. “Perhaps our home safety fire tips arevery effective. Households are now cautious. In the month of March alone, thisyear’s incidents were 55.84 percent lower than the incidents recorded in Marchlast year,” said Habawel. People nowadays are more firesafety-conscious, said Habawel in explaining the drop in fire incidents. Cooking Do not leave cigarettes or pipesunattended. Keep children and pets away fromstoves. Keep ashtrays off sofas and chairs. These are some of the fire safety tipsHabawel’s office is espousing: Never smoke in bed or when feelingdrowsy. Keep loose-fitting clothing away fromhot burners. Always use a candle holderspecifically designed for candles. ILOILO City – Fire incidents here inthe first three months of the year were 43 percent lower than the number ofsuch incidents recorded in the same months in 2019, data from the City FireMarshal showed. From January to March this year, theBureau of Fire Protection (BFP) recorded 81 fire incidents in this city; lastyear during these months, 143 fires occurred. Smoking Extinguish all candles before leavinga room or before going to sleep./PNlast_img read more