Abrdn has extended Workman’s role as Property Manager for a further five years, with the mandate now expanded to include Border to Coast UK Real Estate, as reported by Green Street News.
Workman was originally appointed by abrdn in 2012, since when the mandate has grown to 276 assets and an annual rent roll of £245m. As part of the competitive tender process, Workman has now also been appointed to the Border to Coast mixed portfolio.
Gavin Halliday, Partner at Workman, said:
“Having worked with abrdn for more than 10 years, we are delighted to further extend our existing relationship. The addition of the Border to Coast portfolio following abrdn’s recent appointment, is testament to the hard work of our team and their focus on delivering an occupier centric approach to managing the portfolio.”
Border to Coast Pensions Partnership (‘Border to Coast’) is the largest Local Government Pension Scheme pool in the UK, responsible for managing and overseeing £52.3bn of its LGPS Partner Fund assets. The launch of its directly managed UK Real Estate proposition in October 2024 marks a significant expansion in capabilities and the investment opportunities available to its 11 LGPS Partner Funds. It demonstrates the benefits of scale, innovation and expertise gained through the Border to Coast partnership.
Simon Moscow, Real Estate Chief Operating Officer, at abrdn, said:
“We are delighted to further extend the scope of Workman’s appointment following a thorough and competitive tender process. We look forward to working with the Workman team to successfully growing the Border to Coast direct real estate portfolio in the future.”
Alistair Smith, Head of Real Estate, Border to Coast Pensions Partnership said:
“We look to build strong relationships with high capability external partners who can support us in delivering the benefits of scale, innovation and expertise to our Partner Funds, and ultimately improve outcomes for more than 1.1 million LGPS beneficiaries. We look forward to working with abrdn and Workman to ensure we hit the ground running following the launch of our direct UK Real Estate proposition on the 1st of October 2024.”
