UK - Isis Asset Management will launch a £170m listed pro-perty investment company in June aimed at institutional investors.
The Guernsey exempt company – called the Isis Property Trust 2 – will acquire an existing string of UK retail, industrial and commercial properties that Isis manages for a number of its clients.
The move – which follows the launch of the firm’s first £121m property trust in October 2002 – aims to offer investors a target yield of 6.75% as well as potential capital growth and gearing of about 40% of gross assets.
IPT2 will have shares listed on the London and Channel Islands stock exchanges and its underlying portfolio will be managed by Isis Property Asset Management.
Isis Asset Management managing director Paul Herrington said: “The portfolio will be well diversified across the office, retail and industrial sectors.
“Covenant strength data shows the majority of tenants are in the low or negligible risk categories. The average unexpired lease is 11 years.”IPT2 will have a competitive management charge of 0.85% of total assets and will be eligible for inclusion in saving vehicles and self-invested personal pensions.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).