The National Pension Service of Korea has appointed an asset management team to identify property investment opportunities in the UK.
The world's fifth-largest pensions fund has appointed an asset management firm to supervise
property investment in the UK.
A mandate has been signed with Rockspring by the National Pension Service of Korea (NPS), which plans to spend up to £643 million on commercial developments across Europe.
NPS has already made several property investment deals in the last two years, including the purchase of HSBC Tower for more than £800 million.
Robert Gilchrist, chief executive of Rockspring, said his firm had created a strong relationship with NPS and hoped to build on this by targeting new
commercial development opportunities.
"The fund will leverage off our extensive transaction and asset management teams all over Europe, and will target higher yielding, core-plus assets with secure income streams, where we can create value through asset management initiatives," he said.
Total global property investment has seen a 74 per cent rise in the last 12 months, according to the latest research from Jones Lang LaSalle.
Posted by Tess Nelson
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