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West Midlands Pension Fund seeds new Kames property fund to capture market opportunity

Posted on 01 August 2016

West Midlands Pension Fund - large

The West Midlands Pension Fund has committed seed funding of £50 million for a new closed-ended property fund managed by Kames Capital.

The result of the EU Referendum is leading to high levels of volatility in the UK commercial property market, providing opportunities for active investors to acquire good-quality secondary assets at attractive prices. The Kames UK Active Value Property Unit Trust II will take advantage of these opportunities and has a fundraising target of £250 million from institutional investors.

Kames Capital’s property team has already offered on a portfolio of four assets from an open-ended fund seeking to raise cash to meet investor redemptions.

Commenting on the investment in the Fund, Mike Hardwick, Head of Alternatives and Fixed Income for the West Midlands Pension Fund, said:

 “The UK secondary property market offers an attractive and stable income yield and provides an effective complement to our existing core real estate holdings. We were attracted to Kames Capital’s active value approach and the depth and quality of the team behind the new fund.”

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 the highly respected West Midlands Pension Fund has agreed to seed the new fund, 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 6.55% 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.

Notice to recipients in the United Kingdom:

The Trust is a collective investment scheme pursuant to section 235 of the Financial Services and Markets Act 2000 ("FSMA"). It has not been authorised, or otherwise recognised or approved, by the United Kingdom's Financial Conduct Authority and, as an unregulated collective investment scheme, it cannot be promoted in the United Kingdom to the general public.

The communication of this document in the United Kingdom (if an authorised person) may only be made to persons who are defined as professional clients or eligible counterparties under the unregulated collective investment scheme exemptions rules made by the FCA (COBS 4.12) or (i) may only be made to persons who fall within the category of “investment professionals” as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption Order) 2001 and (ii) persons falling within any of the categories of persons described in Article 22 of the CIS Order and in both cases, (i) and (ii) to any other persons to whom it may lawfully be made. Transmission of this document to any other person in the United Kingdom is unauthorised and may contravene FSMA.

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