UK - Merrill Lynch Investment Managers is selling the Football Association's headquarters to Deutsche Asset Management for £30.8m.
DeAM’s property arm, DB Real Estate, is set to become the FA’s new landlord after agreeing to buy 25 Soho Square from MLIM. The fund manager bought Soho Square eight years ago, and the sale to DeAM represents a yield of approximately 7% for MLIM.
Sources close to MLIM say the two parties expect to complete the deal within the next two weeks.
The FA has been based in Soho Square since selling its Lancaster Gate offices in 2000 as part of former chief executive Adam Crozier’s plans to modernise the organisation.
The association currently pays £2.15m a year in rent for the use of the West End offices and is three years into a 20-year lease.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.