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Institutional Property Investment Reaches Record Levels

LONDON-New data from the Office for National Statistics shows that the third quarter of 2002 saw pounds 3.5 billion ($5.5 billion) of net investment in property by UK insurance companies and pension funds: the highest figure since quarterly records began in 1983.

By Graham Parker | Updated on December 24, 2002

LONDON-The third quarter of 2002 saw a massive surge in institutional property investment in the UK, according to new data from the Office for National Statistics. Insurance companies and pension funds were net investors in property by £3.5 billion ($5.5 billion) in the quarter, the highest level of net investments since quarterly records began in 1983. Insurance companies were net investors by £3.3 billion, ($5.3 billion) while pension funds increased their exposure to property by a net £198 million ($300 million).

There was a substantial increase in purchases by insurance companies in the third quarter to a record £4.2 billion ($6.7 billion) counterbalanced by £874 million ($1.4 billion) of sales. Pension funds bought £735 million ($1.1 billion) of property and sold £537 million ($850 million).

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