Pace, a U.K. pension arrangement for Co-op Employees, has awarded a £260 million ($275 million) mandate to PGIM Real Estate to develop and manage a U.K. real return portfolio. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of U.S.-based Prudential Financial.
Acting on behalf of Pace, PGIM Real Estate will seek long-term inflation-linked returns through investments in U.K. commercial and residential properties, including leisure, social housing, care homes and car parks.
Pace is one of the largest pension schemes in the United Kingdom with approximately 90,000 defined benefit members and £11 billion ($12 billion) in assets under management, as of Sept. 30.
