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Pensions

Tesco Pension Fund expands commercial real estate portfolio

Tesco Pension Fund expands commercial real estate portfolio

Mona Dohle
Monday 4th June 2018

Tesco Pension Fund has expanded its commercial real estate investments with the addition of six industrial estates worth £27.3m.

The purchase of the six multi-led buildings, based in Runcorn, Warrington, Chepstow, Mansfield, Milton Keynes and Salford has been executed by private real estate investor IO Asset Management.

The UK firm, which specialises in the UK warehouse and Urban logistics sector, has been appointed by the £13.1bn Tesco scheme in September last year to launch a £60m mandate dedicated to industrial property.

Angus Scott-Brown, managing director of IO Asset Management, comments on the recent transaction: “These purchases represent just under half of the original mandate to acquire multi-let industrial estates for Tesco Pension Fund.

“Our focus is on finding high quality properties with active management potential, and we are continuing to identify similar opportunities across the UK” he adds.

Institutional investors in the UK have recently shown a growing interest in property. Among others, USS has entered into a £330m joint venture with Places for People (PfP) to invest in the UK private rented sector. Similarly, RPMI Railpen has £2bn, or 12% of its £28bn AUM invested in real estate.

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