UK - The Universities Superannuation Scheme has sold a property for £17.2m as part of a drive to rebalance its commercial property portfolio.
The £20bn fund sold 7 Roundwood Avenue on Stockley Park to DB Real Estate, reflecting a yield of 7.08pc. The freehold office provides 3483 sq metres of self-contained accommodation space over two floors.
USS fund manager commercial property Alison Yard said: “USS remains committed to its presence at Stockley Park and this sale, which achieved over the asking price, is part of our strategic review to rebalance our commercial portfolio.”
USS invests about half of its £1.7bn property portfolio in shopping centres.
It acquired Telford Shopping Centre in 1990 and since then over 70 new stores have joined the development, with the latest New Row extension incorporating the flagship Beatties Department Store and clothes shop Zara.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers