UK - Property Fund Management and the Singapore-based asset manager GIC Real Estate have launched a UK industrial property fund, aimed at institutional investors.
The fund, Industrial Investment Partnership, will focus on acquiring underperforming industrial estates and properties. PFM’s management will then try to turn around the properties in order to boost the income and capital growth over the life of the fund.
IIP has received a total investment of £52.5m to date and with gearing – or loans – the fund will have up to £150m to spend on acquisitions. GIC has invested £49.9m, while PFM has put £2.6m into the fund.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.