UK - The Avon Pension Fund has has sold almost its entire property portfolio, despite the asset class being the top-performer over the last two years.
The sale of the 17 properties, on behalf of Bath & North East Somerset Council, to Glasgow-based LNC Property Group, raised £29.5m. Property adviser GVA Grimley provided strategic advice to the fund, following an investment review in 2000. Insignia Richard Ellis advised LNC Property Group.
GVA Grimley investment partner Neil Dovey said: “The disposal of this portfolio concludes the major part of the exercise which we have been undertaking since the trustees’ decision to disinvest from direct property.”
By Shifa Rahman
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