53 ASSET CLASS FOCUS - REAL ESTATE PDF 210 KB
As part of good governance, the Committee periodically reviews the performance of the Fund’s investments.
Additional documents:
Minutes:
Witnesses:
Neil Mason, LGPS Senior Officer
Lloyd Whitworth, Head of Investment & Stewardship
Anthony Fletcher, Independent Advisor
Key points raised during the discussion:
1. The Head of Investment & Stewardship introduced the report and provided a brief summary. Officers stated CBRE were doing well and, this year, their presentation was better than in the previous year. Officers however stated that CBRE had presented the Global Fund as of the end of March 2022, and the UK Fund as of the end of June 2022, which made comparison difficult with the volatility of Sterling through recent years. It was felt that for future reporting periods it would be helpful if CBRE could report on the same 12 month period. In regard to Board to Coast, officers started there is a proposal to offer a global solution, similar to CPRE’s approach, and a UK solution, which was considered attractive by officers, however there was still work to do to ensure it was a lower cost solution.
2. In regard to the proposed property fund, a Cllr Potter asked whether there would be the right balance of Global property investments and UK property investments and whether the Fund would have an input into the decision. The LGPS Senior Officer confirmed there was currently a 50% allocation to the UK and a 50% allocation to Global and that this was being reviewed as part of the Investment Strategy. Furthermore the Funds officers and advisors would be involved in the process and one of the conditions prior to any transition would be to receive a suitability report from, the investment consultant, Mercer. Members further noted a formal decision would be brought to a future Committee meeting on how much to allocate.
Actions/ further information to be provided:
None.
Resolved:
The Committee noted the Fund’s Real Estate holdings, respective funds’ investment performance and review from the Fund’s independent investment adviser.
ASSET CLASS FOCUS - REAL ESTATE
As part of good governance, the Committee periodically reviews the performance of the Fund’s investments.
Additional documents: