CBRE IM picks up €3b global mandate for Singapore insurer

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

The appointment of CBRE IM follows an extensive competitive pitch process. CBRE IM took over the mandate from 1 January 2023.

Established in 1970 as the only insurance co-operative in Singapore, Income is today a public non-listed company limited by shares following a corporatisation exercise which saw the successful transfer of the co-operative’s insurance business to Income on 1 September 2022.

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.'

It is understood that several team members who previously managed Income’s portfolio will also be joining CBRE IM, in the firm's Singapore office.


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