Hermes today announced plans to assemble a $1.4bn (£700m) overseas property portfolio on behalf of the BT Pension Scheme.
The international mandate represents Hermes’ first move into overseas property markets.
It has recruited three principal real estate investment managers from the Abu Dhabi Investment Authority to lead the investment programme: Mark Burton, current chief investment officer of the ADIA global real estate programme; Mark Gifford, head of ADIA’s european real estate investment activity; and Neil Ross, chief financial officer for ADIA’s real estate team
Rupert Clarke, chief executive of Hermes Real Estate, added: ‘The identification of an established and successful overseas investment management team is an important step in the growth of Hermes Real Estate’s Investment Management business.’