The BT Pension Scheme is selling a chunk of its £1.4bn holdings in 10 UK property funds, as it switches to international real estate. Financial Times
Hermes Real Estate has put 17% – worth £240m – of BTPS’ holdings in funds that include Blue Water Shopping Centre Retail Trust, up for sale.
Hermes Pensions Management, which manages the BT pension scheme, announced its intention in February to invest £700m outside the UK in the expectation of better performance.
About 12% of BT Pension Scheme’s £38bn in assets – or £4.7bn – is invested in property, of which about £1.4bn is invested in 10 property funds, including X-Leisure, a £1bn joint venture with Capital & Regional.