CONFIDENTIAL AND PROPRIETARY
GLOBAL MULTI
MANAGER
London Borough of
Newham
Superannuation
Fund
20th June 2012
IMPORTANT NOTICE
 CBRE Global Multi Manager (GMM) is a trading name of CBRE Global Collective Investors UK Limited which is authorised and regulated by
the Financial Services Authority.
 The information contained herein must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part,
without the prior written consent of CBRE Global Collective Investors UK Limited.
 Past or projected performance is not necessarily indicative of future results. There can be no assurance that the mandate will achieve
comparable results, that targeted returns, diversification or asset allocations will be met or that the investment strategy and investment
approach will be able to be implemented or that the mandate will achieve its investment objective. Actual returns on unrealized investments
will depend on, among other factors, future operating results, the value of the underlying assets and market conditions at the time of
disposition, foreign exchange gains or losses which may have a separate and uncorrelated effect, legal and contractual restrictions on
transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions
and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, actual returns may
differ materially from the returns indicated herein.
 The value of any tax benefits described herein depends on your individual circumstances. Tax rules may change in the future.
 Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and
beliefs of GMM. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed
thereon. Actual events or results or the actual performance of the mandate may differ materially from those reflected or contemplated in such
forward-looking statements.
 Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain
cases has not been updated. Neither GMM nor any CBRE Group Inc company its respective affiliates nor any of their respective employees
or agents (collectively, “CBRE”) assume any responsibility for the accuracy or completeness of such information.
 Whilst GMM believes that the information contained herein is accurate at the date hereof (or at the date shown in the document), neither
GMM nor CBRE makes any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy,
reasonableness or completeness of any of the information contained herein (including but not limited to information obtained from third
parties), and they expressly disclaim any responsibility or liability therefore. CBRE does not have any responsibility to update or correct any
of the information provided in this Presentation.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 2
TABLE OF CONTENTS
Team Update
5
Proposals for Mandate Amendments
8
Portfolio Update
33
Appendices
CONFIDENTIAL AND PROPRIETARY
Appendix 1 – Portfolio Holdings
41
Appendix 2 – UK Market Overview
43
Appendix 3 – Global Alpha Fund Additional Details
48
Appendix 4 – Biographies
55
London Borough of Newham Superannuation Fund | 3
Your Team
CONFIDENTIAL AND PROPRIETARY
Client Director
Portfolio Manager
Alex Bignell
Kieran Farrelly
London Borough of Newham Superannuation Fund | 4
Team Update
CBRE Global Multi Manager
Global Platform
 Offices in London, The Hague,
Boston and Singapore
CBRE Global Platform
 53 professionals
 12 nationalities employed
 Information advantage through
CBRE Global Platform
Global
Solutions
 AUM: $12.4B
 Funds of funds
 Separate accounts
 Investments with multiple bestin-class operating partners
 Primary funds, club deals, coinvestments and secondaries
 Investments in 186 vehicles with
83 managers
 Investments in 28 countries
CBRE Locations 438 Offices; 35,000+ Employees
CBRE Global Investors Locations 32 Offices; 1,100+ Employees
CBRE Global Multi Manager Locations: 4 Offices; 53 Employees
As of March, 31 2012
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 6
Organisational Structure
CEO
Jeremy Plummer
COO
Stuart Savidge
CIO
Ian Gleeson
Portfolio Risk
Claire Liu
Global
Ivo de Wit
Francijn de Ruijter
Mark Gnotke
CONFIDENTIAL AND PROPRIETARY
Legal/Admin
Heleen van ’t Hof
Florence Ibiam
Laura Taylor
UK
Region Head: Alex Bignell
Dugal Hunt
Kieran Farrelly
DJ Dhananjai
Mark Adcock
Emma Kenyon
Harriet Lilley
Analyst – TBA
Corporate
Accountant
Vikash Patel
Continental Europe
Region Head: Alexander van
Riel
Tjarko Edzes
Achal Gandhi
Sonia Gonzalez
Juan Acosta
Baptiste Blanchy
Robert Muilwijk
Assistant: Bianca
Schumacher
Marketing and Investor Services
Head: Hannah Marshall
Max Johnson, Sharon Jandu
Financial
Operations
and Client
Reporting
Americas
Region Head: Scott Brown
Matt Tepper
Justin Seaman
Anthony Tracy
Assistant: DeAnna Thomas
Asia Pacific
Region Head: Adrian Baker
Alex Crossing
Adriel Choy
Chris Yeo
Analyst – TBA
London Borough of Newham Superannuation Fund | 7
Proposals for Mandate Amendments
Current Mandate Overview

The investment objective of the mandate is to out-perform the IPD UK PPF All Balanced Funds Index by
0.75% per annum over rolling three year periods, net of management fees and gross of performance fees

Investments are permitted in property funds, real estate securities and cash

Investment restrictions as per the current Investment Management Agreement (IMA):
– Minimum allocation to open-ended funds of 50% of NAV
– Maximum investment in RREEF controlled vehicles of 30% of NAV
– Maximum portfolio average gearing level of 30% LTV
– Maximum portfolio average gearing level of non-balanced funds of 50% LTV
– Maximum investment in Continental Europe of 20% of NAV
– Maximum investment in a single investment of 20% of NAV
– Maximum cash exposure of 10% of NAV
– Maximum listed securities exposure of 10% of NAV
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 9
Current Allocations
Style Allocation (Based on invested NAV)*
Open-ended vs. Closed-ended (based on invested NAV)*
Core Balanced 47.7%
Core Specialist 31.9%
O pen ended 45.3%
Close ended 49.9%
Cash 4.9%
Value Add/ O pportunistic 15.5%
Cash 4.9%


Core balanced funds are typically open-ended vehicles
Core specialist funds and Value add/Opportunistic funds are typically closed-ended vehicles
*The Palmer GVA Unit Trust is a core balanced diversified fund with a closed-ended structure
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 10
GMM UK Relative Return Mandate Standard Propositions
Strategic Allocations
Tracking Error
Balanced
PUTs
Allocation
Core Specialist
Funds Allocation
Value-Add /
Opportunistic
Funds Allocation
Average
Leverage
0.50%
2.0%
35.0%
55.0%
10.0%
17.5%
IPD All Balanced Funds Index
0.75%
2.5%
30.0%
52.5%
17.5%
22.5%
IPD All Balanced Funds Index
1.00%
3.0%
25.0%
50.0%
25.0%
25.0%
IPD All Pooled Property Funds Index
0.50%
2.0%
25.0%
55.0%
20.0%
22.5%
IPD All Pooled Property Funds Index
0.75%
2.5%
20.0%
52.5%
27.5%
27.5%
IPD All Pooled Property Funds Index
1.00%
3.0%
15.0%
50.0%
35.0%
30.0%
Performance
Objective
IPD All Balanced Funds Index
Benchmark

CBRE GMM advocate a generally higher weighting to core specialist funds than ING; these are preferred
on account of expected stronger performance from core specialist operators which have only moderately
higher overall gearing
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 11
Mandate Strategy

The current portfolio is unlikely to meet its performance objective for the following reasons:
− The portfolio’s weighted average dividend yield of 3.9% is below the current benchmark yield of 4.2%*
− The legacy RREEF holdings (21.8% of NAV) are expected to underperform. We are actively engaging with RREEF to exit
these holdings. Igloo Regeneration Partnership (6.4% of NAV) is also likely to drag performance over the near term
− The existing exposure to balanced funds (47.7% of NAV) is not consistent with the strategic allocation required to meet the
performance objective

The mandate’s minimum investment exposure to open-ended funds, which is currently in breach (48% vs.
50%), would mean an immediate requirement to acquire an additional open-ended holding to remedy this
breach

If this restriction were relaxed then we would seek to bring the portfolio’s strategic UK allocations in-line with
our standard proposition and improve performance going forwards via:
− Increasing exposure to prime dominant retail and industrial/logistics assets
− Taking advantage of current discounts to NAV in preferred core specialist funds e.g. the Henderson UK Shopping Centre
Fund at a 7-8% discount to NAV
− Make commitments to newly originated club transactions which fit strategic themes such as the lack of high quality logistics
assets or the constrained property lending environment

Consider widening mandate to include a global property exposure
*Excluding managed funds that do not distribute
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 12
London Borough of Newham Superannuation Fund Strategic Risk Framework
Key Metrics
Net Performance Objective
0.75% above the IPD All Balanced Fund Index
net of management fees, gross of perf. fees
Target Income Yield
0.5% > Benchmark
Target Risk
2.5% tracking error (Max 3.0%)
Target Financial Leverage
20-25% LTV (Max 30%)
Target Number of Holdings
15-20
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
Core Balanced
ACTUAL
CONFIDENTIAL AND PROPRIETARY
MODEL
ACTUAL
Cash
50%
Value
Add/ Opportunistic
60%
Cash
60%
Value
Add/ Opportunistic
70%
Core Specialist
70%
Core Specialist
Proposed Fund Style Allocations
Core Balanced
Current Fund Style Allocations
MODEL
London Borough of Newham Superannuation Fund | 13
0 Yr
CONFIDENTIAL AND PROPRIETARY
Open ended funds
Closed ended funds
5.8%
2.5%
1.2%
1.2%
Industrial Property
Investment Fund
7.0%
Igloo Regeneration
Partnership
9.3%
West End of London
Property Unit Trust
5.9%
The Palmer Capital
Development Fund II
Unit Trust B
2 Yr
The Palmer Capital
Development Fund II
Unit Trust A
9.8%
Standard Life
Investments UK
Shopping Centre Trust
2.5%
Standard Life
Investments UK Retail
Park Trust
5.6%
Airport Industrial
Property Unit Trust
RREEF UK Property
Ventures Fund No.3
Exempt Unit Trust
3.6%
The Palmer GVA Unit
Trust
Quercus Healthcare Fund
RREEF UK Core Property
Fund (A Units)
UBS Triton Property Unit
Trust
4.9%
Cordea Savills UK Income
& Growth Fund
M&G Secured Property
Income Fund
Blackrock UK Property
Fund
Cash
Duration
6 Yr
19.3%
4 Yr
15%
9.4%
10%
4.2%
% of Portfolio
Liquidity Analysis as at 31st March 2012
25%
20%
6.4%
5%
1.6%
0%
Portfolio weight
London Borough of Newham Superannuation Fund | 14
UK Secondary Market Pricing
Pricing vs NAV by Fund Style
Fund Style
Typical LTV
Ratio
Pricing vs
NAV
Balanced Funds
0-15%
0 to -2%
Retail Warehouse Funds
0-40%
-3 to -10%
Shopping Centre Funds
0 -25%
-5 to -8%
Central London Office Funds
10-40%
-5 to -8%
Industrial Funds
0-50%
-5 to -25%
Student Accommodation
Funds
40-50%
-3%
Other – e.g. Healthcare
Funds
40-50%
-8 to -10%
Source: CBRE Global Multi Manager, Jones Lang LaSalle, April 2012
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 15
Preferred UK Strategies
Core Themes
 Prime quality assets with secure income streams
 Prime dominant shopping centres
 Industrial property located in the South East region
 Non-mainstream property types with resilient demand and high income
yields
−
Student housing in leading university cities
Bullring, Birmingham
Henderson UK Shopping Centre Fund
Value Add/Opportunistic Themes
 Take advantage of bank distress
−
−
Acquire portfolios cheaply through bank-driven disposals
Provide mezzanine finance to bridge the re-financing gap
 Pre-let development in selective markets where tenant demand is unsatisfied
by current stock
 Mis-priced high yield property
−
Blithehale Court, London, E2
UNITE UK Student Accommodation Fund
Fundamentally sound assets trading below replacement cost
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 16
Airport Industrial Property Unit Trust (Existing Holding – Core Specialist)

Airport PUT is a Specialist industrial fund concentrating on industrial estates
and warehouses in the Heathrow area and other major UK airports.

Estimated average unexpired lease length is 7.8 years which is above the IPD
All Industrial Benchmark.

The fund’s underlying rental income has increased largely due fixed uplifts
and rent free incentives expiring.

The Fund has 19 properties; 93% in the Heathrow area.
Heathrow, Shorthaul Catering Base
Manager
Scottish Widows
Risk profile
UK Core Specialist
Fund life (earliest wind up)
March 2015
No of assets
19
Portfolio value
£313.7m (NAV)
Loan to value
24.5%
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 17
Henderson Shopping Centre Fund (Target Holding – Core Specialist)
 Henderson Shopping Centre Fund has a diverse portfolio of Prime UK
Shopping centre's which dominate the catchment, including the Bullring in
Birmingham and Buchannan Galleries in Glasgow.
 One of the stronger performing funds in the portfolio, with long leases and
relatively small proportion of leases reverting in the next 3 years.
 We actively worked with the fund manager to enhance the governance and
investor terms including favourable terms for our clients, a seat on the UAC,
reduced fee alongside an extension of fund life to 2021 from 2014.
Bullring, Birmingham
No of assets
4
Portfolio value
£587m (NAV)
Net initial yield
5.8%
Loan to value
10.7%
Portfolio Highlights
Manager
Henderson
Risk profile
Core Specialist
Fund life (earliest wind up)
July 2014
Source: IPD, CBRE Global Multi Manager, Henderson
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 18
Roxhill Industrial/Logistics Opportunity (New Commitment – Value Add)
Investment Summary
Investment
Category
Opportunistic
industrial / logistics
Fund Life
5 years
Expected Return
20%+ IRR

Opportunity to invest in a newly established specialist private industrial/logistics development fund whose
activity will be focused in the East Midlands and South East regions in the UK.

The management team are very experienced and have a strong track record in this market segment. This was
highlighted by a recently announced development partnership which the company entered into with the largest
specialist UK industrial REIT.

The fund will be focused on the development of prime industrial and ‘big-box’ warehouse assets. The risk of this
activity will be minimized through the signing of pre-lets by tenants prior to any major works being undertaken.

There is the potential in the future for GMM to access the completed assets on behalf of its clients. These will be
prime well located properties, let on long lease terms, with a significant proportion of the income stream having
RPI linked leases.
Portfolio Highlights
Gearing
Target size
Preferred Return
CONFIDENTIAL AND PROPRIETARY
Site Locations
n/a
£80m
GMM will
commit £30m
of this
12%
London Borough of Newham Superannuation Fund | 19
Standard Life Retail Parks Trust (Existing Holding – Core Specialist)
 UK retail warehouse sector for high yield and good relative value.
 Strong portfolio with a number of parks with A1 planning consents where demand from
tenants remains strong.
 Manager has maintained extremely low void rate at 1.1% by ERV.
 NIY 5.35%; NEY 5.43%.
 Weighted average lease expiry is 6.8 years.
Retail Park
 The Fund continues to demonstrate good performance above benchmark.
Manager
Standard Life
Risk profile
Core Specialist
Fund life (earliest wind up)
June 2015
No of assets
10
Portfolio value (NAV)
£825m
Loan to value
0.0%
Source: IPD, CBRE Global Multi Manager
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 20
Debt Investment Opportunity

GMM view Debt as an attractive investment
opportunity and have already invested in a preferred
debt fund on behalf of a number of clients

There is a general shortage of Debt supply given the
reduced appetite of banks in the wake of the financial
crisis and due to the ‘re-financing gap’ we believe debt
yields are mis-priced relative to prospective equity
returns

Proposals for investment are in the mezzanine layer of
financing (between the senior debt and equity
positions) and whole loan or ‘stretched senior’
positions (mezzanine and senior) on good quality
income producing assets

Both mezzanine and whole loan positions require
documentation with appropriate covenants and
features to protect the lender in a downside scenario
CONFIDENTIAL AND PROPRIETARY
Current Leveraged Property Investment Capital
Structure
London Borough of Newham Superannuation Fund | 21
Property Derivatives Opportunity

Property Derivatives can provide a range of synthetic exposures to the property market

Derivatives include swaps, structured notes, and the InProp UK Commercial Property Fund

Such holdings are generally used on a tactical basis when derivative pricing provides a return opportunity
relative to projected market performance

Alternatively inProp, an ungeared balanced UK fund, has a target to perform in line with the IPD Annual
Property Index, which measure the performance only of direct property investments

inProp has low tracking error and can provide additional liquidity in a portfolio via monthly redemption windows

Risks (including counterparty and structuring) are appropriately assessed and contracts requiring open
positions and short term margin calls are not maintained

We believe Property Derivatives can be utilised to positively benefit portfolio performance; opportunistic pricing
may on occasion only be available for a relatively short period – hence our request for inclusion in the IMA
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 22
Global Real Estate Opportunity
 CBRE Global Investors estimates that the global institutionally-investable
real estate market has a value of $26 trillion
2011 Global Investable
Universe
 This is predominantly (c. 76%) made up of developed markets
 However with the demographic and structural trends underway, emerging
markets are expected to increase their share to c. 37% by 2020
 The UK has a relatively large investable real estate investment market, yet
represents only 5% of the global universe
 By broadening allocations to include markets outside the UK, investors
can substantially increase their opportunity set
2020 Global Investable
Universe
 CBRE Global Investors believes that a key attraction of the global
market is that it offers significantly greater opportunities for skilled
managers to outperform by allocating capital, top down, to markets
which out-perform, as well as by good stock selection within markets
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 23
Market Overview

Global growth diverging between robust recovery in
USA, Asia Pac and slower growth in Europe

European Central Bank liquidity injection has helped
Eurozone financial markets


Construction pipelines are limited in developed markets,
resulting in shortage of space meeting modern
requirements
Economic growth and limited new supply expected to
drive rental recovery, especially in US, Japan, Australia
and Poland

Property attractively priced relative to current bond yields
in most markets

Opportunities for higher return seeking investments
where general risk aversion is mis-pricing risk
CONFIDENTIAL AND PROPRIETARY
10
Forecast annual GDP growth, % pa. Source: EIU.
8
2012 F
2013 F
6
4
2
0
-2
Source: CBRE Econometric Advisors; CBRE Global Investors
London Borough of Newham Superannuation Fund | 24
Diversification Benefits From Global Real Estate
UK Asset Class vs Global Direct Real Estate Market Total Return Correlations 1991-2010
UK
Equities
UK Gilts
UK
Property
Eurozone
Sweden
Canada
US
Australia
Japan
UK Equities
1.0
UK Gilts
0.1
1.0
UK Property
0.4
-0.2
1.0
Eurozone
-0.1
-0.3
0.2
1.0
Sweden
0.0
-0.4
0.5
0.4
1.0
Canada
-0.1
-0.3
0.4
0.6
0.7
1.0
US
0.0
-0.2
0.6
0.6
0.7
0.8
1.0
Australia
-0.1
-0.5
0.5
0.5
0.8
0.8
0.9
1.0
Japan
-0.2
-0.3
0.0
0.6
0.4
0.8
0.5
0.6
1.0
Asia ex-Japan*
0.2
-0.4
0.3
0.2
0.2
0.1
0.2
0.4
0.2
Asia exJapan
1.0
• Global Property reduces risk as a result of low correlations, especially with Asia-Pacific
*Asia ex-Japan returns are calculated using prime office and retail total returns.
Source: CBRE-Ikoma, IPD, NCREIF, PMA, CBRE Global Investors
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 25
Impact of Adding a Global Exposure
UK vs. Global Indirect Real Estate Portfolio Absolute Return Risk-Return
Trade-Off
Allocations
UK
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Average Return
8.0%
8.2%
8.4%
8.6%
8.8%
9.0%
9.2%
9.4%
9.6%
9.8%
10.0%
Volatility (SD)
12.3%
11.9%
11.7%
11.6%
11.6%
11.7%
12.0%
12.3%
12.8%
13.4%
14.0%
0.65
0.69
0.72
0.74
0.76
0.77
0.77
0.76
0.75
0.73
0.71
Global
Return Per Unit of Risk
Source: CBRE GMM, Dec 2011

Since global real estate is not perfectly correlated with UK property, adding global will initially reduce risk

We have analysed the mix of domestic UK exposure and global exposure that will provide the best risk
adjusted returns in an absolute sense

This analysis suggests an optimum mix in the region of 50:50 between domestic UK and global real estate –
but the mix will depend on client’s overall needs and objectives
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 26
Accessing the Global Real Estate Market – a wider opportunity set
160
Unlisted Real Estate Fund Market
Growth
Unlisted Real Estate Fund Universe
N umber of Funds
140
120
100
80
60
40
20
0
Americas
Europe
Asia Pacific
 Accessing direct real estate market returns is all but impossible given the quantum of capital required to reduce
specific risk in property portfolios
 Over recent years the real estate fund management industry has evolved to meet increasing cross-border
investor demand and there is now a $2.2 trillion (gross asset value) universe of unlisted real estate funds
 The challenges are the use of leverage in funds, tax, fees & costs, currency risk, and illiquidity. These should all
be accounted for when considering a global allocation
Source: Prequin, Property Funds Research
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 27
Global Alpha Fund Current Status

To exploit the Global Real Estate opportunity, GMM launched Global Alpha in November 2010:
Portfolio summary at
December 2011
Total commitments
Global Alpha
$158.3m(2)
Portfolio value
$121.8m
Uncalled commitments
$11.6m
Capital available
$36.5m
No of investments
10
Loan to value ratio
45%
Exposure to a single manager
15.6%
Exposure to a single fund
15.3%

Fund Return (excl.
Currency)
Q4 2011
12 months
Since
Inception (*)
Target
1.6%
9.5%
10.3%
9-11%
The portfolio produced a return of 10.3%1 since inception relative to the performance objective of 9-11%
1
Net return calculated after advisory fees, organisational expenses and carried interest or incentive fees.
2
Total commitments as at 31 Dec 2011 were $158.3m. Total Commitments as at 31 March 2012 including mandated commitments to GMM were $255.0m.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 28
Global Alpha Fund Target Portfolio
Europe
Asia-Pacific
US
1
2
Fund
Strategy
Fund style Structure
LTV
European Prime Logistics Fund
Nordic Diversified Fund
European Shopping Centre Fund
Poland Shopping Centre Fund
Industrial
Diversified
Retail
Retail
Core
Value Add
Core
Core Plus
Open
Open
Closed
Closed
UK High Yield
Australian Office Fund
Australian Industrial Fund
Japan Industrial Fund
Japan Office Fund
Hong Kong Logistics Fund
NZ Retail
US Balanced Funds
US Industrial Fund
2
US Office Fund
US Retail Fund
US High Yield Fund
Total
Other
Office
Industrial
Industrial
Office
Industrial
Retail
Diversified
Industrial
Office
Retail
Other
Value Add
Core
Core
Value Add
Core
Core
Core
Core
Core Plus
Core Plus
Core
Value Add
Closed
Open
Closed
Closed
Closed
Open
Closed
Open
Open
Open
Closed
Closed
40%
55%
40%
55%
55%
12%
28%
60%
50%
20%
45%
23%
40%
50%
50%
60%
40%
Expected
Return
1
(5yr)
8.9%
7.0%
10.5%
14.5%
13.0%
9.0%
9.0%
15.0%
10.0%
10.7%
12.0%
9.3%
10.0%
12.0%
10.0%
13.0%
11.0%
Expected Allocation
dividend
%
yield
6.5%
2.8%
6.0%
2.9%
5.0%
5.0%
8.2%
7.5%
9.0%
6.6%
6.5%
8.3%
7.0%
3.2%
9.0%
5.0%
7.0%
3.3%
5.1%
5.6%
6.5%
4.7%
5.0%
15.0%
5.0%
8.3%
6.0%
11.6%
8.0%
5.3%
7.0%
5.0%
6.5%
100.0%
Targeted net IRR calculated after advisory fees, organisational expenses and carried interest or incentive fees.
Investment made during Q1 2012
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 29
Current Portfolio Allocations
Source: CBRE GMM, Dec 2011
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 30
Summary of GMM Global Investment Rationale

Greater potential opportunity set, diversification and risk adjusted returns from global real estate

Established Global fund of funds

Existing diversified global portfolio

Premier global real estate platform
− In-house research capability and access to real time market information
− Access to local investment opportunities, many of which are not widely marketed
− Ability to underwrite the underlying real estate in every market around the world

Experienced local teams based in all three regions

Strong portfolio risk management

We are happy to arrange a presentation with the Global Alpha team
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 31
IMA Investment Restriction - Proposed Amendments

To ensure that we are best able to manage the mandate in accordance with your performance objective we
would recommend the following:
–
–
–
–
–
–
–
–
–
–

Minimum allocation to open-ended funds of 25% 50% of NAV
Maximum investment in RREEF controlled vehicles controlled by a single manager of 30%
Maximum portfolio average gearing level of 30% LTV
Maximum portfolio average gearing level of non-balanced funds of 50% LTV
Maximum investment in Continental Europe Global Property of 20% of NAV
Maximum investment in a single investment of 20% of NAV
Maximum cash exposure of 10% of NAV
Maximum listed securities exposure of 10% of NAV
Maximum property derivatives exposure via indirect funds and/or structured notes of 10% of NAV
Maximum allocation to funds with predominantly property debt related investments 10% of NAV
The other options which are available to remedy the existing investment restriction breach are to either:
– Adjust the minimum investment exposure to open-ended funds restriction to 45%; or
– Maintain the existing investment restrictions and top up an existing open-ended holding or purchase a new open-ended
holding. This would be achieved via a secondary market transaction using available monies
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 32
Portfolio Update
Position as at 31st March 2012
Property type exposure (GAV) as at 31st March 2012
Unit Shops 9.2%
Shopping Centres 7.5%
Retail Warehouse 21.9%
Central London O ffices 16.3%
Key portfolio metrics
O ffices - Rest of UK 8.3%
Portfolio value
Unlisted Funds
Cash
£86.9m
£82.7m
Industrial 17.3%
O ther Commercial 13.4%
Listed Securities 0.0%
£4.2m
O verseas Property 0.0%
Cash 6.1%
Uncalled fund commitments*
£1.5m
Undrawn client
commitments**
£0.3m
Capital available to commit**
£3.1m
Loan to value ratio (ND/GAV)
13.6%
Investment in in-house funds
0.0%
•Roxhill Industrial Fund (FRXL Co-Investment)
** Cash on account (Including income) + Undrawn client commitments – Outstanding
Fund commitments.
Fund style exposure (NAV) as at 31st March 2012
Core Balanced 47.7%
Core Specialist 31.9%
Value Add/ O pportunistic 15.5%
Cash 4.9%
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 34
UK Sector Allocation Relative To Benchmark
Relative Sub-Sector Weightings
Unit Shops
-8.0%
Shopping Centres
1.5%
Retail Warehouse
3.3%
Central London Offices
Offices - Rest of UK
3.7%
-5.4%
2.6%
Industrial
3.0%
Other Commercial
0.0%
Listed Securities
-0.6%
Cash
-10%
-5%
0%
5%
Source: CBRE Global Multi Manager; Portfolio weightings as at 31st March 2012; underlying fund data as at 31st December 2011
Note: Sector weightings graph relative to benchmark based on GAV and excludes non-UK investment
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 35
Performance to 31st March 2012
10.0%
8.8%
8.0%
5.7%
6.0%
5.4%
5.0%
4.5%
4.0%
3.3%
2.0%
0.8%
0.2%
0.0%
-2.0%
-4.0%
-3.6%
-6.0%
-6.5%
-8.0%
Q1 2012
1 Year
Portfolio
3 Years (p.a.)
5 Years (p.a.)
Since Inception (p.a.)
Benchmark
 Portfolio return of 0.2% on 3 month and 4.5% on a 12 month basis trailing the benchmark, this is as a result of
- A further weakening of the RREEF, Igloo Regeneration and Quercus Healthcare holdings
 CBRE GMM are in active dialogue with RREEF regarding the future of the RREEF UK Core Property Fund to improve
performance prospects and liquidity
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 36
Performance – 3 Month Weighted Contribution Relative to Benchmark
-0.4%
-0.4%
-0.3%
-0.3%
-0.2%
-0.2%
-0.1%
-0.1%
0.0%
0.1%
0.1%
West End of London Property Unit Trust
0.1%
Airport Industrial Property Unit Trust
M&G Secured Property Income Fund
0.0%
0.0%
The Palmer GVA Unit Trust
Standard Life Investments UK Retail Park Trust
0.0%
Blackrock UK Property Fund
0.0%
Cordea Savills UK Income & Growth Fund
0.0%
Industrial Property Investment Fund
0.0%
The Palmer Capital Development Fund II UT B
0.0%
The Palmer Capital Development Fund II UT A
0.0%
UBS Triton Property Unit Trust
0.0%
Cash
0.0%
The Palmer Capital Development Fund II Unit Trust
0.0%
0.0%
Igloo Regeneration Partnership
-0.1%
Standard Life Investments UK Shopping Centre Trust
-0.1%
Q uercus Healthcare Fund
-0.2%
RREEF UK Core Property Fund (A Units)
RREEF UK Property Ventures Fund No.3 Exempt Unit Trust
CONFIDENTIAL AND PROPRIETARY
0.1%
-0.3%
Transactions
London Borough of Newham Superannuation Fund | 37
Recent Investment Activity
Fund
Transaction
Date
Currency (Local)
Amount (Local)
Amount (GBP)
Airport Industrial Property Unit Trust
Purchase
Feb-12
GBP
£0.619m
£0.619m
Blackrock UK Property Fund
Sale
Feb-12
GBP
£0.295m
£0.295m
Blackrock UK Property Fund
Sale
Feb-12
GBP
£0.848m
£0.848m
Blackrock UK Property Fund
Sale
Jan-12
GBP
£0.295m
£0.295m
FRXL Co-Investment LP
Commitment
Jan-12
GBP
£1.450m
£1.450m
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 38
RREEF UK Core Fund

Newham’s largest holding (19.3% of NAV) is a legacy investment in the RREEF UK Core Property Fund – an
underperforming UK balanced fund that has a significant redemption queue

Following investor action, RREEF have conducted a comprehensive review of the fund to address liquidity
requirements and a stabilisation of fund performance while maintaining a well balanced portfolio of assets

The outcome of the review is a recommendation to merge the fund with another core balanced fund
−
The preferred fund to merge with is the BlackRock UK Property Fund

Ongoing due diligence is being conducted by BlackRock and investor approval will be required to approve any
transaction

We are actively monitoring the process and will keep you informed as this progresses further
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 39
Conclusion
 The portfolio is projected to underperform the performance objective due to the current portfolio composition
(vs. target allocations) and underperforming legacy holdings, inc. those of RREEF
 Recommendation to amend mandate investment restrictions enabling increased weighting to core specialist
funds and widening of mandate to include Global exposure, Debt and derivatives
 We believe this will best enable Newham to achieve its performance objectives
 Ongoing engagement with RREEF regarding progress concerning the RREEF UK Core Property Fund
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 40
Appendix 1 – Portfolio Holdings
Portfolio Holdings as at 31st March 2012
Fund Name
NAV (£m)
% of Portfolio¹ Undrawn (£m)
Distribution
Yield (%)
Leverage
(D/ GAV)
Comment
£5.131m
5.9%
£0.000m
6.2%
24.5%
A specialist, lowly geared, closed-end fund investing in the industrial sector. The fund concentrates on prime
industrial estates and warehouses with a focus in the Heathrow area, but also provides some exposure to
other major UK airports.
Blackrock UK Property Fund
£6.096m
7.0%
£0.000m
4.2%
3.3%
The largest, core, balanced open-end UK fund. Predominantly prime quality assets with above average
exposure to the 'other' sector.
Cordea Savills UK Income & Growth Fund
£4.881m
5.6%
£0.000m
5.5%
5.2%
Open-end balanced fund with a small portfolio of high-quality assets and strong covenants with an above
average income distribution.
FRXL Co-Investment LP
£0.000m
0.0%
£1.450m
0.0%
0.0%
Closed-ended specialist fund focussed on the development of large logistics facilities and industrial property
in the East Midlands and South East regions.
Igloo Regeneration Partnership
£5.542m
6.4%
£0.000m
0.0%
0.0%
Opportunistic development fund that partners with experienced developers to undertake urban regeneration
projects throughout England and Wales.
Industrial Property Investment Fund
£1.350m
1.6%
£0.000m
4.7%
21.3%
A specialist, lowly geared, closed-end fund investing in the industrial sector. Focus on good quality multi-let
industrial estates in the South East of the UK delivering a robust income distribution.
M&G Secured Property Income Fund
£3.167m
3.6%
£0.000m
4.2%
1.3%
A growing open-end balanced fund, holding low risk assets with an average lease length of 24 years and
87% of rental income linked to inflation.
Quercus Healthcare Fund
£3.633m
4.2%
£0.000m
5.9%
43.1%
Specialist, value-add UK care home fund that owns care properties throughout the UK, focusing on income
yield.
RREEF UK Core Property Fund (A Units)
£16.737m
19.3%
£0.000m
3.3%
6.1%
Balanced, core, lowly geared open-end UK umbrella fund invested via the RREEF UK sector specialist funds
(Industrial, Retail and Office).
RREEF UK Property Ventures Fund No.3 Exempt Unit Trust £2.167m
2.5%
£0.000m
0.0%
57.0%
Opportunistic fund, currently in breach of its LTV covenant, distributions have been suspended and assets are
being sold to pay down debt.
Standard Life Investments UK Retail Park Trust
£8.098m
9.3%
£0.000m
4.7%
0.0%
An ungeared core specialist retail warehouse fund predominantly invested in out-of-town open A1 fashion
parks, with a bias towards the South East.
Standard Life Investments UK Shopping Centre Trust
£5.028m
5.8%
£0.000m
4.7%
0.0%
Specialist, ungeared prime shopping centre fund. Assets include Brent Cross Shopping Centre and
Brighton's Churchill Square Shopping Centre.
The Palmer Capital Development Fund II Unit Trust A
£1.067m
1.2%
£0.000m
4.4%
5.1%
An opportunistic development fund, with a diversified portfolio. Strategy is to purchase assets from distressed
sellers and reposition for sale.
The Palmer Capital Development Fund II Unit Trust B
£1.023m
1.2%
£0.000m
4.4%
5.1%
An opportunistic development fund, with a diversified portfolio. Strategy is to purchase assets from distressed
sellers and reposition for sale.
The Palmer GVA Unit Trust
£2.142m
2.5%
£0.000m
6.2%
0.0%
A diversified, ungeared fund with a high quality portfolio which includes long leases and a low-risk tenancy
profile providing a robust income stream.
UBS Triton Property Unit Trust
£8.478m
9.8%
£0.000m
4.9%
6.5%
Large, core, balanced open-end UK fund. The manager has improved asset quality and performance
through active management and portfolio repositioning.
West End of London Property Unit Trust
£8.159m
9.4%
£0.000m
3.5%
31.3%
Specialist, geared fund invested in West End offices in London. The fund adds value through refurbishment /
development of assets and will wind down from 2015 onwards.
Cash
£4.218m
4.9%
£0.000m
0.0%
0.0%
£86.916m
100.0%
£1.450m
PO RTFO LIO TO TAL
CONFIDENTIAL AND PROPRIETARY
NAV
Airport Industrial Property Unit Trust
London Borough of Newham Superannuation Fund | 42
Appendix 2 - UK Market Overview
UK Market Overview

Environment is being overshadowed by concerns over sovereign debt crisis and growth outlook. The
indications are that this is starting to impact the real estate markets as transaction volumes slow and investor
unease increases

The ongoing problems in the wider Eurozone and uncertainty over its direction have had and will continue to
have a material effect on both fundamentals and sentiment in the UK

The UK has gone into recession in 2012, as a combination of austerity, ongoing de-leveraging, higher taxes
and weak business sentiment and consumer confidence impacts activity

Occupier market conditions remain subdued, especially outside of London and the South East due to the
impact of austerity measures. The majority of property segments will see rental value declines this year

Investors have shown strong demand for relatively low risk Grade-A assets leading to a historically wide
pricing divergence between prime and secondary (Grade B) property assets; this gap is likely to widen

UK total returns, as measured by IPD, are starting to decelerate as a weak rental recovery is offset by a
marked slowdown of yield compression; negative total returns are anticipated this year

Property lending conditions are now more constrained than last year and lending capacity to property is
shrinking

We are now starting to see banks working through their loan books more meaningfully and as a result bring
assets to market
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 44
UK Capital Value Growth
UK Commercial Property Capital Values, % 3m/3m. March 2012
IPD Capital Value Growth:
UK Property Capital Values, % 3m/ 3m. Latest= Q1 2012.
Source: IPD Monthly Index
10
Q2 07 –
Q209
Q2 09 –
Q4 11
5
Prime Shops
-36%
27%
0
Secondary/Tertiary Shops
-39%
2%
Prime Shopping Centres
-41%
24%
Secondary/Tertiary Shopping
Centres
-50%
3%
Prime Industrial
-40%
20%
Secondary/Tertiary Industrial
-42%
-1%
Prime Central London
Offices
-43%
42%
Secondary Rest-UK Offices
-43%
-18%
-0.75%
Through Q3 2011 ca. 18%
capital value rise
-5
-10
June '07 - June '09
44% capital value fall
-15
Q1 07
Q3 07
Q1 08
Q3 08
Q1 09
Q3 09
Q1 10
Q3 10
Q1 11
Source: IPD, Merrill Lynch
Q3 11
Q1 12
 The values of more secondary assets have seen little recovery since the downturn and have declined in real terms
 CBREGI are projecting -8% nominal capital growth in 2012
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 45
UK Property Yields Relative to Gilts and Corporate Debt
Difference between 10 year UK gilts, linkers & BBB corporate debt and the IPD All
Property Initial Yield, %. Latest= Feb. 15, 2012. Source: Bank of England, IPD.
8
6
4
2
0
-2
-4
05
06
Index-linked Gilts
07
08
09
Nominal bond yield
10
11
12
BBB rated corporate dedt
Difference between 10 year UK gilt yields, linkers & BBB corporate debt yield and the IPD All Property Initial Yield. Latest=Feb. 15, 2012.
Source: IPD, Reuters, CBRE.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 46
UK Property Prime/Secondary Yield Gap
Gap between secondary and prime valuation yields, bps. Source: CBRE. Latest=Mar. 2012.
Gap between secondary and prime valuation yields, bps. Source:
CBREValuation Team. Latest= Mar. 2012.
600
500
Industrial
Provincial offices
High Street Retail
Retail warehouses
Shopping Centres
400
300
200
100
0
99
00
CONFIDENTIAL AND PROPRIETARY
01
02
03
04
05
06
07
08
09
10
11
12
London Borough of Newham Superannuation Fund | 47
Appendix 3 - Global Alpha Fund Summary Details
& Fund Examples
Global Alpha Fund Key Terms
Fund structure
Luxembourg FCP, Open-ended
Currency
US $
The investments will not be currency hedged
Currency exposure reports will be provided quarterly to enable investors to manage currency overlays if
required
Leverage
No leverage at the GA Fund level, save for short term borrowing to cover drawdown's
Investment Period
The Investment Period will be two years from the date of each investor’s commitment being accepted
Term
Open ended with liquidity provisions 3 years after date of commitment
Redemptions
Subject to 6 months notice, shares may be redeemed at 30th June or 1st December, subject to not more than
20% of total equity being redeemed in one year. The redemption price will allow for disposal costs of holdings.
Minimum Commitment
$5 million
Valuations
Quarterly valuations prepared under IFRS applying INREV guidelines
and reporting
Quarterly reports to investors and quarterly conference calls
Annual meeting
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 49
Global Alpha Fund Key Terms
Risk Controls
 No more than 50% in any individual region (Americas, Europe and Asia-Pacific)
 Maximum allocation to emerging markets 20%
 No more than 60% in each of the office, retail and industrial sector nor more than 20% in sectors other than
these
 No more than 15% in any one investment
 No more than 20% in investments managed by the same manager
 No more than 10% in predominantly real estate development-related funds
 Maximum allocation to listed securities 15%
 Maximum allocation to funds with a predominantly debt related investments 15%
 Maximum allocation to property derivatives of 15%
 Maximum weighted average leverage of investment funds 50% of their gross asset value
 Minimum allocation to open-ended real estate funds of 25%
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 50
CB Richard Ellis Global Multi Manager - Risk Management
Operational Risk Committee
 GMM COO chaired
 Quarterly meetings
 Representatives from GMM Financial Operations; GMM Investment Team and Group Legal and
Group Compliance attend
Control Framework
 ISAE 3402 Standard
 Annual external audit by Ernst & Young
Internal Audit
 Annual internal audit undertaken by CBRE
Investment Committee Oversight
 Quarterly Review of Client Portfolio Performance
 Monitoring of compliance with Investment restrictions
 Group Compliance attend IC quarterly Client Review meetings
Portfolio Risk Analytics
 Comprehensive investment monitoring and forecasting framework
 Application of GMM proprietary portfolio risk management system
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 51
Investment: Hong Kong Logistics Fund
 Targeted logistics property in Hong Kong, due to strong demand emanating from China and
restricted supply in HK port area
 Identified the leading specialist fund which is the dominant owner of prime assets in HK port
area
 Analyzed every building with assistance from CBRE Hong Kong investment and leasing team
 Market has since experienced strong growth in rents and capital values
Hong Kong
 Result: immediate deployment of capital into high income producing portfolio
Return Contribution
Manager
Goodman Asia Limited
Investment category
Core
Fund life
Open end (every 7 years)
2.7%
Headline fees,
1.2%
0.2%
5.0%
Portfolio Highlights
10.7%1
No of assets
17 assets
Portfolio value
$870m
Net initial yield
6.8%
5.1%
Income
Capital Growth
Leverage
Fees
Tax
Net IRR
Source: CBRE GMM, Dec 2011
Targeted net IRR calculated after advisory fees, organisational expenses and carried interest or incentive fees.
Please see Disclaimers page for more information on targeted returns
1
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 52
Investment: Poland Shopping Centre Fund
 Targeted retail property in Poland due to high income yield on prime shopping centres combined
with strongest consumer expenditure growth in Europe
 Introduced by CBRE Warsaw to one of the best portfolios of shopping centres
 Negotiated terms for investment of €65m equity on behalf of various clients and option to provide
additional equity
 Negotiated change of legal structure to improve tax efficiency for our clients and revision of
manager’s proposed terms
Warsaw, Poland
 Result: immediate deployment of capital into high income portfolio with inflation linkage and
upside potential
Manager
GE Capital
Investment
category
Core Plus
Fund life
7 years
Return Contribution
Performance
fees, 0.9%
7.9%
Headline fees,
1.6%
2.0%
Portfolio Highlights
2.9%
No of assets
9 assets
Portfolio value
€550m
Net initial yield
8.0%
14.5%1
8.2%
Income
Capital Growth
Leverage
Fees
Tax
Net IRR
Source: CBRE GMM, Dec 2011
1
Targeted net IRR calculated after advisory fees, organisational expenses and carried interest or incentive fees.
Please see Disclaimers page for more information on targeted returns
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 53
Investment: US Neighbourhood Shopping Centre Fund
 Well located grocer-anchored shopping centres in the US offer high income yield and secure
cash flows
 Approached leading specialist manager which operates exclusively in this segment
 Negotiated exclusive vehicle for GMM clients to invest in partnership with domestically
controlled private REIT
 Result: Access to attractive strategy with competitive fees on tax efficient basis
Return Contribution
Manager
Phillips Edison
Investment
Category
Core Retail Fund
Fund Life
7 years
1.1%
3.2%
0.4%
0.5%
0.8%
Portfolio
Highlights
1
8.0%
Target no. of Assets
10-13
Target LTV
50%
Net Initial Yield
8%
Income
Capital
Leverage
Headline …Performance … Tax
10.0%
Net IRR
Source: CBRE GMM, Dec 2011
Targeted net IRR calculated after advisory fees, organisational expenses and carried interest or incentive fees.
Please see Disclaimers page for more information on targeted returns
1
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 54
Appendix 4 –Biographies
Biographies
Alex Bignell
Head of UK - CBRE Global Multi Manager
Alex.bignell@cbreglobalinvestors.com | +44 20 7268 7375
Alex is the GMM Regional Head of UK. Based in London, Alex has responsibility for relationship and portfolio management of
clients, investment sourcing, selection and monitoring of investments in the UK. He is a member of the GMM Management
Committee.
Alex has over 17 years experience predominately in the UK and was previously a Director at the Goodman Group where he was
Fund Manager for a €1.7 billion pan European logistics fund responsible for all aspects of managing the fund including
acquisitions, dispositions, debt financing and liaising with investors in the fund. Prior to this Alex was a Director at Credit Suisse in
the real estate banking team responsible for structuring and raising equity for both public companies and private real estate funds.
Alex is a member of the Royal Institution of Chartered Surveyors.
Alex holds a Master’s in Land Economy from Cambridge University.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 56
Biographies
Kieran Farrelly
Director - CBRE Global Multi Manager
kieran.farrelly@cbreglobalinvestors.com | +44 20 7268 7421
Kieran is a Director within the Global Multi Manager team with responsibility for client portfolio management and sourcing and
undertaking due diligence on UK investment opportunities.
Kieran previously spent four years in the Global Multi Manager team as the global strategist where he was responsible for portfolio
strategy across clients and coordinating global unconstrained mandates. He has over eight years property investment and
research experience, most of which has been spent assessing and managing portfolios of indirect property funds. Kieran has
developed a number of the analytical tools and the portfolio risk management framework used by the business.
Prior to joining CBRE Global Investors in December 2007 Kieran was a Senior Analyst at Seven Dials a specialist property fund
consultancy and fund-of-funds manager. Before that he was a Research Analyst at PRUPIM (M&G) covering property markets in
the UK and Asia Pacific.
Kieran has an MSc in Economics from the University of Warwick and holds the Chartered Financial Analyst designation. He is also
the current Chairman of the Society of Property Researchers.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 57
Biographies
Max Johnson
Director – Marketing and Investor Services
max.johnson@cbreglobalinvestors.com | +44 20 7268 7461
Max is a Director within the Global Multi Manager team with responsibility for UK Investor Services.
Max joined the CBRE Global Multi Manager team in November 2011 following the acquisition of ING Real Estate Investment
Management where he was responsible for UK investor relations in the indirect real estate business; prior to that he worked on
fund management consulting, investment acquisitions, and new fund launches.
Before ING Real Estate he was a direct real estate fund manager at USS, and worked in investment fund management at Jones
Lang Wootton (now La Salle).
Max is a qualified chartered surveyor, a member of the Investment Property Forum and sits on the IPF Advanced Education
Programme Committee. He holds an honours degree in Geography from Edinburgh University, a diploma and an MSc in real
estate from South Bank University along with an Investment Property Forum Diploma.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 58
Biographies
Jeremy Plummer
CEO - CBRE Global Multi Manager
Jeremy.plummer@cbreglobalinvestors.com | +44 20 7268 7385
Jeremy is the CEO of CBRE Global Multi Manager and has overall responsibility for management of the business, key client
relationships and key manager relationships. Jeremy is also a member of the GMM Investment Committee and the Global
Leadership Team of CBRE Global Investors.
Jeremy has 23 years experience in the real estate industry, all in international roles. He joined CBRE Global Investors in June
2006 following the acquisition by CBRE Global Investors of Oxford Property Consultants (OPC). Prior to this Jeremy was
Managing Director of OPC, an independent multi-manager and fund of funds manager. At OPC Jeremy advised various leading
investors on global real estate strategies and established one of the first European fund of funds. Previously he was European
Managing Director of Security Capital Group Inc, a US private equity real estate group. Prior to his Jeremy was Head of Real
Estate for SPP (now renamed Alecta), the largest pension and life assurance company in Sweden, with responsibility for $3 billion
direct and indirect property portfolio in Europe, the US and Asia.
Jeremy is a qualified Chartered Accountant.
Jeremy holds a Master’s in Agricultural and Forest Science from Oxford University.
CONFIDENTIAL AND PROPRIETARY
London Borough of Newham Superannuation Fund | 59
Biographies
Ian Gleeson
Chief Investment Officer – CBRE Global Multi Manager
Ian.gleeson@cbreglobalinvestors.com| +44 20 7268 7428
Ian is Chief Investment Officer of CBRE Global Multi Manager and has overall responsibility for managing the investment
process, formulating top down strategies and overseeing client investment plans. Ian is a member of the GMM Investment
Committee and chairs the GMM Global Investment Team meeting.
Ian has over 19 years property industry experience and brings extensive experience of investing in real estate funds in Europe,
North America and Asia, across the full risk spectrum. Ian joined CBRE Global Investors in August 2008 from Morley Fund
Management where he was Head of International Property Multi-Manager, with responsibility for global mandates. He was
previously Head of Property at the National Pensions Reserve Fund of Ireland. Prior to that Ian was Director of Indirect
Prospects and Strategy at F&C Management Ltd.
Ian was a former member of the INREV Management Board and chair of the Investor Forum of INREV.
Ian holds a Bachelor of Arts (Hons) in Economics and Business Studies from Trinity College Dublin.
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Biographies
Ivo de Wit, Ph.D.
Portfolio Manager – CBRE Global Multi Manager
Ivo.dewit@cbreglobalinvestors.com | +44 20 7268 7411
Ivo is a Global Portfolio Manager for CBRE Global Multi Manager. Based in London, he is responsible for performance, strategy,
and investment decision making of the global portfolios.
Ivo previously worked as Global Portfolio Manager for ING Real Estate Select in London, where he was responsible for managing
global multi-manager non-listed real estate investment accounts for institutional clients. Before that, Ivo was part of the Global
Executive Team of ING Real Estate Investment Management. He has been responsible for strategic planning, asset allocation,
investment selection and performance monitoring for both listed and unlisted funds. During his more than 10-year real estate
investment career, he has worked in various regions around the world focusing on business and strategic direction, executing new
business opportunities and allocating seed capital. In New York, Ivo was a Vice President and Head of US Strategy for ING
Clarion, responsible for client and fund strategies and forecasting real estate returns.
Ivo is a member of the IPD Global Pooled Property Fund Indices Consultative Group and a member of the ULI European Office
and Mixed Use Council and Policy & Practice Committee.
Ivo has a Ph.D. In Finance and holds a Master’s in Economics from Maastricht University.
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Biographies
Scott Brown, CFA
Head of the Americas - CBRE Global Multi Manager
Scott.brown@cbreglobalinvestors.com | +1 617 425 2827
Scott is GMM Regional Head of the Americas. Based in Boston, Scott has responsibility for relationship and portfolio management
of clients, investment sourcing, selection and monitoring of investments in the Americas. Scott is a member of the GMM
Investment Committee.
Scott is an experienced real estate professional with over 21 years experience. Scott was formerly Head of Global Real Estate at
Ennis Knupp & Associates, a leading US multi-asset consulting firm, where he established the real estate practice and advised on
$18 billion of investments in real estate funds. He was previously Managing Partner at Strategic Private Equity Analytics and held
the position of Senior Department Head at State Street Corporation, and Consulting Manager at Kenneth Leventhal & Co.
Scott formerly chaired the performance measurement committee of the National Council of Real Estate Investment Fiduciaries
(NCREIF) and is currently a voting member of NCREIF’s REIS Council. Scott is a member of the Research Committee at the
Pension Real Estate Association, and is currently the Co-Chair of the CFA Institute’s IPC, GIPS Real Estate Update SubCommittee.
Scott holds a Master of Science in Real Estate Development and Investment from Columbia University, and a Bachelor of Arts in
Economics from the University of Massachusetts. Scott is also a CFA charter holder.
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Biographies
Sander van Riel
Head of Continental Europe CBRE Global Multi Manager
Alexander.van.riel@cbreglobalinvestors.com | +31 70341 9156
Alexander is GMM Regional Head of Continental Europe. Based in The Hague, Alexander has responsibility for relationship and
portfolio management of clients, investment sourcing, selection and monitoring of investments in Continental Europe. He is a
member of the GMM Investment Committee.
Alexander has worked for 13 years in the European property fund investment industry. Before joining ING Real Estate Investment
Management in 2006, he was previously an Analyst and Fund Manager at Achmea in Amsterdam and Aberdeen Property
Investors in Stockholm.
Alexander is a CFA charter holder.
Alexander holds a Master’s in Spatial Sciences at Rijks-Universiteit Groningen.
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Biographies
Adrian Baker
Head of Asia- CBRE Global Multi Manager
Adrian.baker@cbreglobalinvestors.com | + 65 65 9334 81
Adrian is GMM Regional Head of Asia Pacific. Based in Singapore, Adrian has responsibility for relationship and portfolio
management of clients, investment sourcing, selection and monitoring of investments in the Asia Pacific region. Adrian is a
member of the GMM Investment Committee.
Adrian has over 10 years property industry experience and brings extensive experience of investing in direct, unlisted and listed
real estate globally but with a focus on the Asia Pacific region. Prior to joining CBRE Global Investors Adrian was a Fund Manager
at AMP Capital Investors, one of Australia’s largest investment managers, where he was responsible for various real estate
portfolios across Asia based in Singapore. Prior to his move to Singapore Adrian was based in Sydney as Fund Manager
responsible for its statutory fund with over US$3.0bn in assets. He also spent over 5 years working in the multi manager business
of AMP Capital providing tailored real estate solutions to Australian superannuation funds.
Adrian has a Bachelor of Engineering (Hons) from the University of Technology, Sydney and a Graduate Diploma in Applied
Finance & Investment from the Securities Institute of Australia
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www.cbreglobalinvestors.com
Americas
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