The Greater Manchester Pension Fund (GMPF) has awarded a £750m mandate to LaSalle Investment Management.

The investment manager's duties will involve growing an existing balanced portfolio of commercial property in the UK, and the mandate will initially target assets of up to £75m each.

Councillor Kieran Quinn, Tameside Council leader and GMPF chair, said: "We are delighted to appoint LaSalle as the main property investment managers for GMPF following a comprehensive selection exercise, and have confidence in their ability to achieve the required investment returns for the fund over the long term.

"This is a significant mandate which can rise up to £1bn and we hope that LaSalle can make a significant long term contribution for the fund's returns."

The mandate is the latest win for LaSalle's UK business, which manages more than £10bn of assets, the investment manager said.

Alan Tripp, LaSalle UK managing director, said: "We are absolutely delighted to have been chosen to manage this major portfolio. We look forward to a successful partnership ahead."

First published 28.08.2014

monique_simpson@wilmington.co.uk