Wales Pension Partnership – a pool of eight Welsh local government pension schemes with assets totalling around £23 billion ($29.5 billion; €26.6 billion) – has handed a £400 million mandate to Schroders Capital to invest in real estate impact, according to a statement.

The mandate will see Schroders make positive impact and local investments in Welsh real estate on WPP’s behalf, with the aim of generating local employment, and providing affordable housing and healthcare services. The mandate will also target impact opportunities across the UK that deliver positive social impact and decarbonisation strategies supporting WPP’s net-zero ambitions.

The allocation forms part of a wider £2 billion real estate mandate that the pool has entrusted to Schroders. The remainder will be invested in UK core real estate focused on the industrial, retail and office sectors, as well as hotels, self-storage and student accommodation.

WPP is been increasing its private markets sustainability efforts of late: it is now demanding its managers provide annual reporting on climate, according to its latest climate policy document.