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Aegon targets pension funds with active property launch

Aegon Asset Management is targeting pension funds with the launch of a value property fund that will offer an initial projected yield of 7 per cent.

The fund, which will be managed by David Wise and Helen Batten, will invest in properties in the £3m to £10m bracket, an area the group says is too big for private buyers but too small for the majority of institutional investors.

The asset manager says that income will be a major factor in property returns in the medium term. The fund will have no gearing with the exception of bridging sales or purchases. All income derived from its investments will be reinvested.

The fund will look to beat the IPD/ Association of Real Asset Funds All Balanced Funds index, by 0.5 per cent on a rolling three-year basis. It will primarily invest in the office, industrial and retail sectors but may also look at the leisure, healthcare, residential and student accommodation sectors.

Wise says: “As a team, we have a very strong track record in finding and buying properties that are basically good quality although in potential need of refurbishment or repositioning in the market, and Helen and I will focus on finding these properties to maximise the potential return of the fund.”

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