mast image

Impact Investing

IPE special report May 2018

Sections

UK roundup: Lancashire County Council, KFIM, HSBC Life

Related images

  • City of London

Related Categories

The UK’s Lancashire County Pension Fund has bought an industrial estate in the north of England through Knight Frank Investment Management (KFIM) for £7.8m (€9.7m) from Anglesea Capital and Hudson Advisors.

The purchase price of the 142,220ft2 multi-let Walton Summit Industrial Estate in Preston, Lancashire, reflected a 7.3% yield, said KFIM.

The estate is occupied by chemicals manufacturer Evans Vanodine, courier company Yodel and brewing equipment firm Three Nations.

Lewis Ellis acted for KFIM in the deal, and CBRE represented the seller. 

Meanwhile, HSBC Life (UK) – a subsidiary of the HSBC Holdings group – is selling its UK pensions manufacturing business to Admin Re Group, part of the Swiss Re Group.

A spokesman for HSBC said the sale was part of the bancassurance strategy HSBC Holdings had been following for the last few years, aimed at simplifying the business and deploying capital more effectively.

The UK subsidiary will continue to offer pension products, but no longer package them itself, he said.

Under the terms of the transaction, HSBC will sell its corporate and individual pensions policies, and an associated annuities book.

Around £4.2bn of underlying assets under management formed part of the deal, and about £4bn of this was managed by HSBC Global Asset Management (UK), the group said.

HSBC Global Asset Management will continue to be the investment manager of these underlying assets.

The deal also included a reinsurance agreement with ReAssure whereby HSBC has transferred certain economic risks and rewards of the business to ReAssure from 1 January 2014 until the deal completes.

The transaction is subject to regulatory and law court approvals and is expected to complete in the second half of 2015.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • RE-2441

    Closing date: 2018-05-31.

Begin Your Search Here