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Two further local government pension schemes invest in new Kames property fund

Posted on 04 October 2016

Nottingham & Leicestershire pension - Large

Leicestershire County Council Pension Fund and Nottinghamshire County Council Pension Fund have committed a combined £55 million to a new closed-ended property fund managed by Kames Capital.

They join the West Midlands Pension Fund, which in July committed seed funding of £50 million for the Kames UK Active Value Property Unit Trust II. All three funds are part of the soon-to-be-established LGPS Central investment pool.

Commenting on the investment in the fund, Colin Pratt, Investments Manager of the Leicestershire County Council Pension Fund, said:

“UK secondary property offers an attractive and stable yield, and following the EU referendum vote we believe that the uncertainty will throw up opportunities within the property market. As existing investors with Kames Capital we understand the active value approach and the depth and quality of the team behind the new fund.”

Simon Cunnington, Senior Accountant (Pensions, Investments & Treasury Management) of the Nottinghamshire County Council Pension Fund, said:

“The result of the EU Referendum is leading to high levels of volatility in the UK commercial property market. This offers opportunities for active investors to acquire good-quality secondary assets at attractive prices. We have a longstanding relationship with Kames Capital and are delighted to support the new fund.”

Shaun McWilliam Large

Shaun McWilliam, Kames Capital’s head of institutional sales for property, said:

“Our active value strategy focuses on good-quality income, enhanced through active management and offering the prospect of positive rental growth. We are delighted that three local government pension schemes have decided to support the new fund with a combined £105 million, demonstrating confidence in our property investment team and the positive investment case for secondary property.”

The Kames UK Active Value Property Unit Trust II is a Jersey Property Unit Trust with a seven year life, with the opportunity to extend for a further two. It is targeting a blended initial yield of 7-8% per annum on assets purchased*.

Assets targeted will include commercial property with £5m-£15m lot sizes, which are typically too large for most private buyers, but too small for most institutional investors. Kames will also source off-market deals, sourced through its property investment team’s extensive network of contacts.

The new fund is a successor vehicle to the Kames UK Active Value Property Unit Trust, which raised £275 million from institutional investors and closed to new commitments by 31 December 2014.

* Note: All targets and assumptions are subject to change and are not guaranteed. Target distribution yield on investor unit cost of 6.5% per annum gross of annual management change.

This announcement is not intended for retail distribution and is directed only at investment professionals. It should not be distributed to, or relied upon by, private investors. The views expressed in this document represent our understanding of the current and historical positions of the market. They should not be interpreted as a recommendation or advice.

The Kames Capital UK Active Value Property Unit Trust (the “Trust”) and Active Value Property Fund II are Expert Funds, pursuant to the Collective Investment Funds (Jersey) law 1998 (as amended) and the Jersey Expert Fund Guide, published by the Jersey Financial Services Commission (“JFSC”). Only Expert Investors, as defined in the Jersey Expert Fund Guide, may hold units in the Trust.

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