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Standard ringfences £2bn in offshore property duo

Standard Life Investments is closing two specialist offshore property funds, which are now fully invested across £2.3bn assets previously held in its life fund.

The two trusts, which were launched in February, are effectively a means for the life fund to manage liquidity and reduce or inc- rease exposure to property while allowing third-party investors access to the specialist mandates.

Standard Life raised £380m in third-party cash at the same time as it ringfenced properties worth £2.3bn in the two trusts. The life fund retains a majority interest in both trusts.

The UK shopping centre trust has an initial size of £1.5bn, with 10 assets including Churchill Square, Brighton, and an interest in Brent Cross Shopping Centre, North London. It aims to grow to £2bn.

The £800m UK retail park trust has 11 assets including an interest in Castlepoint, Bournemouth, and Ladymead Retail Park in Guildford. Its target size is £1.5bn.

Property investment director David Paine says: “This represents a new product group for us. The offshore property fund marketplace has been growing in importance and acceptance among investors. With the introduction of these new trusts, we have significantly reinforced these trends.”


Tenet launches annuity bureau

Tenet is launching an annuity bureau, running alongside its transfer bureau, and the network says the one-stop shop will save IFAs up to five hours per case.

Watch this space on designations

May I express my thanks to all those readers who have written to me in response to my letter (Money Marketing, April 28) concerning the designations the PFS is seeking to impose on its members.

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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