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Local Pensions Partnership creates £1.2bn UK property pool

14 July 2016

The Local Pensions Partnership (LPP) has combined London Pension Fund Authority (LPFA) and Lancashire County Pensions Fund’s (LCPF) existing core property allocations and added specialist income to create a £1.2bn innovative property investment pool.  Under the arrangement, Knight Frank Investment Management (KFIM) will source, execute and manage investment opportunities in the UK commercial and residential property space for £850m of the allocation.  John Styles, head of fund management, KFIM said: “We are excited at the prospect of partnering with developers and managers to access specialist sectors and value add opportunities for the fund. The new LPP property pool allocation will take KFIM’s assets under management to in excess of £1.75bn.” The KFIM mandate will be combined with an existing allocation of £260m for specialist income and value add strategies. This includes LCPF’s Gatefold housing development in West London, which opens later this year, and its student housing and retirement home investments as well as LPFA’s investment in East London housing development project, Pontoon Dock. Chris Rule, LLP’s managing director (investments) and co-chief investment officer, added: “This allocation extends further the strategic partnership between LCPF and LPFA through the Local Pensions Partnership.  We’re pleased to not only be talking about collaboration and pooling across the LGPS, but actively engaging in it.” Source

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