Office

The combination of two UK property funds will create a £4.7bn platform amid shifting preferences from domestic pension schemes.

The region’s investors will increasingly look to broaden its geographic footprint in English-speaking countries outside of the US, writes CJ Morrell, head of Japan at Fiera Capital.

The issue has fallen down the industry’s priority list, but other groups are still holding property owners accountable for their climate actions.

Travis King, head of the family office collective, said the investor type still views the world’s largest property market as ‘the safest spot to be.’

Hong Kong-based firm first began divesting its ownership interest in Cromwell with the sale of a 10.8% stake in May 2025.

The appointment follows reports that former real estate head Juan Manas had left for Australian real estate credit specialist Wingate.

The Alberta-based pension investor, in the middle of a leadership shakeup and portfolio rebalancing, saw real estate drag on its returns last year.

The property type has become anathema to investors in the post-pandemic era. But its demise has been decades in the making.

In its latest sector outlook, the asset manager advises investors to forego broad allocations and take a more targeted approach.

TREF IV raised $163m and is over 70% deployed.