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Imperial Tobacco Pension Fund Stubs Out Industrial Investments

LONDON- The Imperial Tobacco Pension Fund is reweighting its portfolio by selling six industrial estates. It plans to reinvest the proceeds in the office and retail sectors.

By Graham Parker | Updated on February 01, 2002

LONDON The Imperial Tobacco Pension Fund has raised £30 million ($42 million) with the sale of six industrial estates to a number of separate purchasers. As part of its portfolio reweighting, it will reinvest the proceeds in the office and retail sectors.

. The two largest estates–Imber Court at East Molesey in South-West London and the Trident Industrial Estate at Hoddesdon, Hertfordshire– were sold to Coal Pension Nominees for £19million ($27 million). Purchasers of the other estates, located in Luton, Bedfordshire; Tunbridge Wells, Kent; Eastleigh, Hampshire and Ashford, Kent, included London Life, CCLA and Norwich Union Property Trust.

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