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CBRE wins US$3 billion property mandate from Singapore’s Income Insurance

By Hui Ching-hoo   
January 13, 2023

US property investment specialist CBRE Investment Management has won a mandate to manage Singapore’s Income Insurance’s US$3 billion real estate portfolio.

The portfolio includes property assets which the insurer holds directly or indirectly across Asia Pacific, North America, and the Europe, Middle East and Africa region.

According to CBRE, it won the appointment following “extensive competitive” pitching, and officially took responsibility of the portfolio on January 1.

Several members of the team that handled the portfolio at the insurer will work with CBRE to manage it, the Texas-based company says in a statement on January 12.

“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,” Income Insurance Chief Investment Officer Mark Shi says.

Income Insurance offers life, health and general insurance and has around 1.7 million customers in Singapore.

CBRE Investment Management had around $143.9 billion of assets under management as of September 2022.