Burges Salmon advises LPPI on first LGPS Real Estate Fund

The firm’s Real Estate and Tax teams have advised Local Pensions Partnership Investments (LPPI) on its first pooled Local Government Pension Scheme Real Estate Fund

18 October 2019

A Burges Salmon team, led by partner Will Woodall, provided selected specialist real estate and corporate tax advice to LPPI in connection with setting up the Fund to pool the property assets of three public sector pension schemes that it manages.

The Fund, which is LPPI’s eighth pooled vehicle dedicated to a specific asset class, has launched with over £800 million of direct UK property investment assets and a further £460 million of property assets are due to transition to the Fund over the coming months. The Fund is expected to reach around £2 billion assets under management.

The move offers the schemes a more diversified exposure to a wide range of UK and international real estate. The Fund brings improved scale and other efficiencies in an asset class that can generate stable and resilient income, and is a sub-fund of an Authorised Contractual Scheme managed by LPPI.

Formed in 2016, LPPI currently manages more than £17.4 billion of pension assets on behalf of its clients and their members.

Will Woodall comments: “We are delighted to have provided a range of legal advice to help our valued client LPPI launch this Real Estate Fund, which marks another significant step in its growth strategy. We look forward to seeing the LPPI team progress towards its objective of increasing the Fund’s assets to £2 billion over the next three years.”

Key contact

Will Woodall

Will Woodall Partner

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