UK - Merrill Lynch Property Fund has sold its largest asset, the Strand Island office block in Central London, for £66m to clients of Baring, Houston & Saunders.
The sale is part of a strategy to reduce office sector exposure amid a falling occupier market.
Cash raised has funded retail properties including the Beechwood centre, Cheltenham, and Phase II of the Cambridge Retail Park.
Said MLIM’s head of real estate Ian Mason: “In a flat economy it is not a trader’s market, but there are still good opportunities to reposition a core portfolio to ensure that future performance is optimised and remains competitive to the likely returns from equities and bonds.”
Kerrin Rosenberg says DB schemes can't afford to suffer lousy returns over the short term and make it all back in 10 to 15 years' time, because many of the assets will be gone.
Standard Life Aberdeen has won a tribunal in which it claimed Lloyds Banking Group was not entitled to give notice to terminate investment management arrangements for a £109bn mandate.
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?
RPMI Railpen is in the next step in the journey towards achieving cost disclosure. Victoria Bell tells Stephanie Baxter about taking part in the Cost Transparency Initiative's pilot phase