London Borough of Lambeth Pension Fund has made a £42m allocation to a private sector build-to-rent fund. The authority has joined the £350m fund run by Invesco Real Estate in a bid to diversify its investments.
The Invesco fund is backed by other local authority pension fund and private sector investments and has already acquired 1,700 homes in 10 deals. Andrien Meyers, Lambeth’s head of treasury and pensions, said the Invesco investment would also allow the fund to bolster its defences against inflation.
“Further, as the fund is projected to be in negative cashflow over the next six or so years, the need for income to pay benefits will also be addressed.”
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