UK - The pension scheme for the UK's public broadcaster BBC has awarded a £300m (€373m) mandate to Orchard Street Investment Management, transferring the assets from CBRE.

While it is understood that CBRE will retain responsibility for management of some of the 30 assets within the portfolio, Orchard Street will take over as investment manager for the mandate consisting entirely of UK sites.

The segregated account forms only part of the BBC Pension Scheme's real estate exposure, which, according to its most recent annual report from the end of March last year, amounted to £1.1bn, or 12% of the £9bn in total assets.

According to the annual report, CBRE and CBRE Investors oversaw portfolios of £296m and £311m, respectively, as well as smaller, delegated mandates worth around £100 for investments in Europe.

A further £33m was managed by the Pan European Property Unit Trust, while the scheme's sole US property exposure worth £414m was overseen by Grosvenor Americas.

The fund was slightly over its target property allocation of 10% at the end of March, which trustees decided to leave in place after a review of its investment strategy.

Orchard Street, established eight years ago, currently manages £2.5bn in assets.

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