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.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.