City Of London
Property Funds to Sell Assets to Help Stricken UK Pensions
- The CBRE UK Property PAIF plans to sell 1 Albemarle Street
- L&G and Abrdn funds also among those selling real estate
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Real estate funds whose investors include UK pension plans have begun offering properties for sale to meet redemption requests.
The CBRE UK Property PAIF has appointed broker CBRE Group Inc. to sell 1 Albemarle Street in London’s West End, according to people with knowledge of the process. Legal & General Group Plc’s Industrial Property Investment fund is offering for sale warehouses at Trafford Park in northwest England, said separate people, who asked not to be identified as the process is private. A pooled pension property fund at Abrdn Plc is selling warehouses at the Thames Gateway Park in Dagenham, east London, other people said.