Townsend was awarded a discretionary mandate to manage Pensionskasse der Stadt Winterthur’s (“PKSW”) global (ex Switzerland) indirect real estate portfolio. The mandate is designed to complement PKSW’s Swiss real estate portfolio and is focused on core and core-plus investments in the industrial and residential sectors across Europe, North America and Asia Pacific. There will also be a focus on investments with strong ESG credentials. PKSW is the pension fund of the city of Winterthur in Switzerland. Founded in 1911, PKSW insures the employees of the city administration and 10 other affiliated institutions in the city of Winterthur.