UK - Property company Quintain has sold a 9% stake in a specialist property fund to a number of pension schemes at a 12% discount to net asset value.
Several pension schemes purchased units in The Quercus Healthcare Property Partnership, which invests in various nursing and care homes and private hospitals in the UK, for a combined £31.3m cash consideration.
Quintain's interest in the fund, which is run by the firm's fund management arm in conjunction with Aviva Investors, has been reduced from 25.4% to 16% as a result, and the number of investors in the fund has increased to 50.
Quintain was unable to name the pension schemes purchasing the units, since the transactions took place via an anonymous trading facility run by Aviva Investors.
However, Quintain Fund Management head Tonnianne Dwyer, said a number of pension schemes had gained exposure to the fund via multi-manager platforms.
"We have quite a range now of the big fund managers who are bringing their underlying managed funds into the fund," she said.
Dwyer said the increase in the number of investors in the fund was "good news" for Quercus, since it increased the capacity of liquidity for all stakeholders.
"The more investors you have in a fund, the more capacity there is for liquidity between investors and for matched bargains," she said.
The latest transaction is part of an ongoing strategy on the part of Quercus to reduce leverage in the fund, and it brings the total amount of cash repatriated since April 1, 2009 to over £42m, 15% short of its £50m target.
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