Six LGPS funds pool property holdings in Access
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Six local authority pension funds participating in Access have made their first commitments to property via the pool, the £45bn investment collaboration of 11 Local Government Pension Scheme funds has said.
Norfolk, East Sussex, Suffolk, Cambridgeshire, Hertfordshire and Northamptonshire have joined Essex and Hampshire by investing in the Access UK Core Fund, which has an anticipated target size of £1.7bn, and the Access Global Indirect Fund, with a target size of £780m.
Access said the commitments bring the total aggregate target size to nearly 40% larger than anticipated at the initial tender stage.
CBRE Investment Management was appointed in November last year to manage both a UK core real estate and a global real estate mandate.
Cllr Mark Kemp-Gee, who chairs the pool’s joint committee, said through pooling, “our member authorities can realise a number of positives – in this case, a unified approach, diversification and cost efficiencies – to the ultimate aid of their investment objectives for members”.
Hannah Marshall, chief investment officer UK direct real estate at CBRE IM, said: “With a further six authorities making commitments to the pool’s property solution, bringing a total of £4.1bn of real estate assets under Access pool governance, we look forward to working with Access to build and manage a real estate portfolio that generates both sustainable income and long-term value.”
How is LGPS pooling progressing?
