LGPS Central, which has £28bn of assets under management, has secured a third investment for its recently launched UK Direct Property Fund.
The third investment is in Goodmayes Retail Park, Chadwell Heath, London and follows on from previous commitments in an industrial estate in Hayes, West London and a car showroom in Enfield.
The Local Government Pension Scheme (LGPS) investment pool’s UK Direct Property Fund is a sub-fund of the LGPS Central Property ACS. It has a medium-term target to invest up to £500m across the UK.
LGPS Central’s Property ACS was developed in collaboration with the pools eight partner funds, with Leicestershire and Nottinghamshire pension funds making seed investments.
The fund is managed in partnership with DTZ investors.
Mike Hardwick, investment director for property investment at LGPS Central, said: “While the availability of investment opportunities remains constrained, we are pleased to have secured a further investment for the fund.
“The initial investments have all been in greater London, which is a property market that in general has strong fundamentals, with Goodmayes in particular benefitting from its close proximity to new Crossrail infrastructure.”
Room151 has inquired into how much capital LGPS Central has so far deployed through its UK Direct Property Fund, with the investment pool expected to deploy the remaining investments over the coming months.
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