Utmost Life and Pensions has appointed Aberdeen Investments to manage a commercial real estate lending (CREL) mandate supporting the insurer’s growing bulk purchase annuity (BPA) business.
Aberdeen has already completed the first transaction under the mandate, providing financing secured against a prime Grade A office asset in central London.
Craig Baker, chief investment officer at Utmost Life and Pensions, said: "As we continue to grow our BPA business, securing access to high-quality private market assets is an important component of our investment strategy.
“Aberdeen's long track record in commercial real estate lending, combined with its insurance asset management expertise, made it a strong partner for this mandate. We are pleased to have completed the first transaction and look forward to working closely together as the portfolio grows."
Matthew Smith, global head, strategic insurance group at Aberdeen Investments, added: “Since entering the UK BPA market, Utmost Life and Pensions has brought welcome competition and a differentiated approach. We are pleased to support its continued growth through the deployment of our significant expertise in managing highly bespoke private credit asset mandates under the Solvency UK matching adjustment regime.”
