Shareholders approve LGIM open-ended property fund restructure

Transition likely to complete by July 2025

Shareholders have approved Legal & General Investment Management’s proposal to restructure its UK Property fund (PAIF) to a hybrid strategy.

Voting in an extraordinary resolution this morning, shareholders agreed to shift the investment proposition of the PAIF from a pure direct property investment vehicle to a model blending dual approaches. From 12 April, the fund will begin a transition process to decrease its direct property allocation from its current 76% level, according to the latest available factsheet, to 45%. Alongside this, the fund will allocate 45% to global real estate investment trusts, with the remaining 10% held in cash. LGIM's Crossley: Hybrid property model could become 'blueprint' for illiquid open-ende...