Prupim, the real estate investment arm of M&G Investments, has selected CB Richard Ellis Group to provide property management and accounting services for its 4.1 million m2 UK property portfolio. The agreement is one of the largest property management services outsourcing contracts ever in both the UK and the EMEA region.

Prupim owns 800 properties in the UK valued at more than EUR 21 bn.

'The outsourcing move is in line with our strategy of focusing on our core capability as a global property fund manager, and will allow us to continue to grow our range of institutional and retail fund management clients and mandates in the UK and globally,' said Prupim's managing director Martin Moore.

Prupim will transfer 85 property management and accounting employees to CBRE on 1 July 2011. The firm's fund and asset management professionals will remain with Prupim.

Prupim is a top 20 global real estate investment management firm with investments in Europe, North America and the Asia Pacific region. M&G Investments is the investment arm of Prudential in the UK and Europe.