ACCESS pool appoints Aviva Investors to manage long-lease mandate

The Northamptonshire and Cambridgeshire pension schemes have invested a combined £250 million in a new property fund launched by their pooling vehicle.

The long-lease property mandate is to be managed by Aviva Investors through its Lime Property Fund and will allocate to property investments across the UK. It will focus on leases of at least 15 years that can provide either inflation-linked or fixed rental uplifts.

The appointment was made through the ACCESS pooling platform that serves 11 Local Government Pension Schemes (LGPS).

It follows the pool’s first property investments, announced early last month, which saw the Essex and Hampshire schemes allocate £1.3 billion to a real estate fund managed by CBRE Investment Management.

Councillor Mark Kemp-Gee, chair of the ACCESS Joint Committee, said: “This further demonstrates our responsiveness to the needs and ambitions of partner LGPS funds. The demand for alternative income from our partners is likely to increase considering the current environment, so this is an important addition to the ACCESS pool’s suite of alternative funds.”

The Lime Property Fund was launched in September 2004 and is domiciled in Jersey. At the end of September 2023, it had £3.1 billion in assets under management, according to documents held by the Association of Real Estate Funds.

Jill Barber, chief distribution officer at Aviva Investors, said: “In the 20 years since its inception, Lime has built an enviable track record in delivering low-volatility, inflation-linked returns.

“We believe this makes it an excellent fit for ACCESS, with assets such as long lease real estate having a key role to play in portfolios. I look forward to developing our relationship with the ACCESS partner funds and helping them to deliver long-term investment outcomes on behalf of their members.