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Core Plus Segregated Mandate

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OVERVIEW:

IOGP Ltd Partnership was incorporated on behalf of Tesco Pension Investment Ltd in May 2017.

The vehicle was established for the purpose of acquiring multi-let warehouse estates, with the objective of delivering income and capital returns on a rolling “evergreen basis”.

The programme allowed the pension arm of the third-largest retailer in the world (by gross revenues) access to the attractive but management intensive multi-let warehouse sector, via a specialist manager, in order to benefit from the continued positive growth of the UK industrial sector and in particular the buoyant regional occupational market.

  • IOTP (GP) Ltd is the General Partner of IOGP Limited Partnership and Tesco Pension Trustees Ltd are the Limited Partner.
  • As at September 2019, the portfolio comprised 16 estates.
  • The vehicle has an investment target of an unleveraged IRR of 7-9.0% p.a. over a five-year period, with a stabilised net distribution yield of 5-6.0% p.a.
KEY STATISTICS:
50m

Equity committed

Evergreen

Status

5 - 6

Net distribution yield