Income Insurance awards CBRE IM $3bn real estate mandate

Income Insurance awards CBRE IM $3bn real estate mandate

Income Insurance, a composite insurer in Singapore, and CBRE Investment Management (CBRE IM) have signed an investment management agreement under which CBRE IM will take over the management of Income’s existing US$3 billion real estate portfolio, which includes direct and indirect holdings across APAC, North America and EMEA.

CBRE IM has officially taken responsibility of the mandate from January 1, 2023.

Established in 1970 as the only insurance co-operative in Singapore, Income is now a public non-listed company limited by shares.

Income is a social enterprise under NTUC Enterprise’s network of organization and continues to serve the protection, savings and investment needs of individuals, families and businesses.

Mark Shi, Chief Investment Officer of Income, said: “Real estate is a strategic asset class in Income’s investment portfolio. As our investment is diversified across physical properties and funds in Singapore and abroad, we are excited to collaborate with CBRE IM and leverage their global footprint and track record with the aim of delivering good long-term returns to our insurance policyholders.”

CBRE Investment Management said: “We are delighted that Income has chosen us to support them with their long-term real estate investment goals. With CBRE IM’s scale and global footprint, we can work together across multiple territories and investment strategies to seek to create a holistic approach for our client.”

Several team members who previously managed Income’s portfolio will also be joining CBRE IM