Six Local Government Pension Scheme (LGPS) funds have invested in the property fund offerings of the ACCESS pool.
The pool announced today that Norfolk, East Sussex, Suffolk, Cambridgeshire, Hertfordshire, and Northamptonshire pension funds have committed to the ACCESS UK Core Fund and the ACCESS Global Indirect Fund, both managed by CBRE Investment Management.
These LGPS funds join Hampshire and Essex pension funds, who initially invested £1.3bn in ACCESS’s property solution in May.
According to ACCESS, which manages £44.7bn in pooled assets, the latest contributions to the property funds include investments exceeding £200m from Northamptonshire, with both Cambridgeshire and East Sussex each committing more than £300m.
Hertfordshire, Suffolk, and Norfolk have collectively invested over £400m, while Essex has further contributed around £100m to the property solution, as stated by the LGPS pool.
Mark Kemp-Gee, chairman of the ACCESS Joint Committee, remarked: “We now have a total of eight of our administering authorities making significant investments in ACCESS’s property solution, further demonstrating the benefits of the pooling model.”
The target size of the ACCESS UK Core Fund is anticipated to be £1.7bn, with the ACCESS Global Indirect Fund aiming for an objective size of £780m.
The LGPS pool indicated that investment by the Isle of Wight pension fund in the property solution is still to be confirmed.
This new commitment to ACCESS’s property solution coincides with the pool reporting a 13% increase in asset pooling compared to last year, amounting to £5.4bn increase in pooled assets, as detailed in its Reports and Accounts.
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