News in brief - 23 April

Legal and General has invested £44.6m into housing for homeless families in Croydon.

The investment is part of a partnership with Croydon Council, providing 167 homes for families currently on the waiting list. The portfolio will comprise of apartments and houses in Croydon and neighbouring boroughs and will be leased to the council on a 40-year term, after which the council will own them. According to Legal and General, rents will be set at Local Housing Allowance levels. It is thought the council will make around a £20m savings through the partnership.

Pensions Infrastructure Platform (PiP) has acquired a portfolio of onshore wind farms from Scottish equity Partners (SEP) for £50m.

The portfolio comprises of 64 turbines in locations across the UK and Ireland, it includes all five of the wind farms owned by SEP. The deal will boost PiP’s current wind farm portfolio including Aura, the largest stand-alone feed in tariff wind portfolios in the UK and a 24-site wind portfolio operated by and majority owned by EDF.

Selectapension will launch a rapid reviewer tool in the spring, helping to make client reviews of pensions and investments simpler.

The new software will be designed for advisers, to help leaving reviews more efficient and cost effective. Carrying out a client review is a mandatory requirement under MiFID II, and the new tool will show fund performance of an existing portfolio in comparison with similar funds and will take into account retrospective charges.

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