News in brief - 21 January 2022

The East Sussex Pension Fund has partnered with Osmosis Investment Management to launch a £200m global equity ex-fossil fuels portfolio.

UBS Active Management will act as investment manager for the strategy, under the current Passive Service Agreement, as outlined by the National Local Government Pensions Scheme (LGPS) Framework Team. The mandate forms part of the fund's ongoing commitment to address investment challenges presented to passive holdings by the energy transition. The fund also confirmed, however, that it has already achieved a carbon intensity reduction of 63 per cent as of December 2021, as well as a reduction in water consumption of 67 per cent and a reduction in waste generation of 61 per cent, relative to the MSCI World Index.

The Pension Insurance Corporation (PIC) has invested £129m into new student accommodation for the London School of Economics and Political Science.

The investment will fund the development of a 676-bed student residence in Southwark, London, located on Glengall Road, Southwark. It is a long-dated, inflation linked loan, maturing in 2069, and is tailored to match PIC's pension payments in years when public debt is scarce. The new development is sponsored by DIF Capital Partners and is due to be completed in 2024, with the funding to be provided in five tranches during the construction period.

Legal & General has acquired a suburban build-to-rent (SBTR) scheme in Great Haddon, Peterborough.

The scheme is expected to deliver 117 new family rental homes, in line with Legal & General new SBTR arm's aim to scale a portfolio of large scale single family rental communities in suburban locations across the UK. The development, which is being delivered by Countryside, represents the first phase of a new expansion of southern Peterborough, and will be community focused and service-led. L&G SBTR will also be implementing a environmental, social and governance (ESG) framework, and aims to be operationally carbon net zero from 2030.

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