LPI Income Property Fund
Unit-Linked Life Insurance
LPI Income Property Fund
Fund codeYA
Fund codeYA
Fund aim
Fund characteristics
The return profile is expected to be less volatile than traditional UK property and be more defensive in weaker market conditions. The fund aims to achieve a significant yield premium over index-linked gilts.
In some cases the fund will invest in income strips where the tenant has the option to buy back the freehold from the fund on lease expiry for a nominal amount. The fund does not engage in higher risk activities for example development of unlet property or gearing on directly held assets.
Fund facts
Fund size | £1,451.4m |
Base currency | GBP |
Domicile | United Kingdom |
Share class launch | 21/07/10 |
Performance
Portfolio breakdown
As at 31 Dec 2023
Top 10 direct holdings (£M)
Sanctuary Buildings, London | Office | 210-230 |
India Buildings, Liverpool | Regional Office | 110-130 |
Next, Doncaster | Distribution Warehouse | 80-90 |
Newcastle INTO | Educational Sector | 60-70 |
Aberwystwyth | Educational Sector | 40-50 |
Interchange, Central Square | Regional Office | 40-50 |
UAL, Elephant & Castle | Educational Sector | 40-50 |
TV1 and TV2 | Other Industrial | 40-50 |
Scottish Ministers, Glasgow | Regional Office | 30-40 |
Atkins, Epsom | Regional Office | 30-40 |
Top 10 direct holdings (£M)
Sanctuary Buildings, London | Office | 210-230 |
India Buildings, Liverpool | Regional Office | 110-130 |
Next, Doncaster | Distribution Warehouse | 80-90 |
Newcastle INTO | Educational Sector | 60-70 |
Aberwystwyth | Educational Sector | 40-50 |
Interchange, Central Square | Regional Office | 40-50 |
UAL, Elephant & Castle | Educational Sector | 40-50 |
TV1 and TV2 | Other Industrial | 40-50 |
Scottish Ministers, Glasgow | Regional Office | 30-40 |
Atkins, Epsom | Regional Office | 30-40 |
Component "asset" not found
Component "sector" not found
Region (%)
North East | 16.0 |
Central London | 15.9 |
North West | 13.6 |
South East | 10.3 |
Scotland | 7.8 |
Wales | 7.6 |
Outer London | 6.1 |
Yorkshire & Humberside | 6.0 |
West Midlands | 6.0 |
South West | 4.1 |
East Midlands | 4.0 |
Eastern | 2.5 |
Property characteristics
No. of assets | 63 |
No. of physical properties | 63 |
Void rate ex. development | 0.3% |
Average lease length | 22.3 years |
Average lot size | £21.4m |
Cash level | £122.2m |
IncomeReturn | 4.8% |
All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
Fund managers
LGIM Property Fund Management Team
The LPI Fund team is led by Derek Gilby, Head of Long Income, who has 30 years’ experience and over 24 years tenure at L&G. The Fund team is supported by LGIM Real Assets’ wider platform resources and capabilities, including an in-House Credit team providing analysis on occupier covenants. Assets are sourced through the team’s market relationships, working in conjunction with a dedicated Transactions team.
Literature
Document type
Prices
Units can be purchased, sold or switched on a designated dealing day. This fund is offered on a weekly close basis. Further information is available in the relevant operational procedures sheet and the Description of Funds.
Download full price history
Download full price history