LGPS Central makes third addition to UK Direct Property Fund

LGPS Central have accounced a third acquisition, in Goodmayes Retail Park, Chadwell Heath, London for their recently launched UK Direct Property Fund. Goodmayes Retail Park is let to a range of retailers including Wickes, Currys, Carpetright, The Gym, Nandos, Costa and Masala Bazaar. The site is located in an area that is expected to see significant regeneration and growth with new investment in homes, jobs and social infrastructure owing to its close proximity to the new Crossrail stations at Goodmayes and Chadwell Heath.

The UK Direct Property Fund is a Sub-fund of the LGPS Central Property ACS, developed in collaboration with Partner Funds and managed in partnership with DTZ Investors. The Fund has a medium-term target to invest up to £500 million across the UK. Previous investments include an industrial and car showroom investment on Crown Road, Enfield and Clayton Business Centre, Hayes, a multi-let industrial estate in West London.

Mike Hardwick, Investment Director for property investments at LGPS Central said “While the availability of investment opportunities remains constrained, we are pleased to have secured a further investment for the Fund. The initial investments have all been in greater London, which is a property market that in general has strong fundamentals, with Goodmayes in particular benefitting from its close proximity to new Crossrail infrastructure. We expect to continue deploying capital into strong assets over the coming months, across the UK.”

Sam Brice, Director at DTZ Investors said “We are delighted to have secured a third investment for the LGPS Central UK Direct Property Fund. Goodmayes Retail Park aligns with the wider Fund strategy of investment into locations with strong underlying occupational demand. With the relatively affordable rental levels across the park, the asset is well positioned to benefit from the low vacancy rates across the retail warehouse sector and demand stimulated by Crossrail-led regeneration. We are actively seeking further opportunities in core markets across the UK as we continue to grow the Fund.”