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Mars Pension Fund replaces LaSalle for £500M UK retail property mandate

Mars Pension Fund has chosen AEW to manage its £500 million investment mandate, replacing LaSalle Investment Management Inc. as the fund manager after upwards of 25 years, Property Week reported.

Among other assets, the Mars portfolio holds secondary shopping centers that LaSalle bought on behalf of the pension fund following the financial crisis. LaSalle had attempted to sell seven of the shopping centers from the Project Charlotte portfolio in 2015 for £250 million but failed to finalize a deal, the Sept. 7 report added.

The loss of the Mars mandate could affect LaSalle's status as a top investment manager for retail properties in the U.K., a spot it secured from Intu Properties PLC in 2017, the publication added, citing rankings from Trevor Wood Associates.