SEOUL-The National Pension Service of Korea has hired RockspringProperty Investment Managers LLP, based in London, to handleinvestment of up to $1 billion. Rockspring won the discretionarycore plus mandate to invest $400 million of equity acrosscontinental Europe and the UK.

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The NPS European Real Estate Value Fund will have significantexposure to retail and office assets, with a smaller focus on theindustrial sector, according to Rockspring. The fund will focus oncash flow generation, capital preservation and active assetmanagement, the company said.

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Rockspring has worked with the pension fund for three years, andwas asked last year to manage the NPS Central London PropertyPartnership for the acquisition of trophy assets in the city.Acquisitions in this fund include Grosvenor Place for $111 millionand 88 Wood St. for $238 million. This fund was expanded to includeother assets in the UK, with O’Parinor Shopping Center purchasedfor $290 million in August.

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The pension fund has invested heavily in European property overthe past year to diversify its asset portfolio, said RyanGilchrist, CEO of Rockspring, in a statement. “We already have agood pipeline of deals for the (new) fund, and hope to announce ourfirst acquisition shortly,” he said.

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