Press releases

Legal & General's industrial property investment fund marks 20 years with move to an open-ended structure

LGIM Real Assets (Legal & General) announces that it has converted the life of its award-winning £2bn Industrial Property Investment Fund (“IPIF” / the “Fund”) from a closed-end, fixed life vehicle to an evergreen open-ended fund.

1 Feb 2018

Press release

The restructure allows the fund to take a longer term approach to its assets and debt strategy as the industrial sector continues to offer strong growth prospects and out-performance.

IPIF was the best-performing unlisted property fund over one, three and five years, according to the AREF/MSCI (IPD) UK Quarterly Property Fund Index 2017. The Fund, which specialises in multi-let industrial and trade assets in the South East, delivered a return of 25.4%, against the all funds annual return of 9.7%.

Jonathan Holland, Senior Fund Manager of IPIF at LGIM Real Assets, said: “IPIF has outperformed every year since its launch 20 years ago and we were delighted with the investor support to extend this vehicle. Our focus with IPIF has always been on strong quality income, rental growth, and opportunities to add value to our assets.  This extension will allow us to reposition our assets and use our team’s asset management skills to continue to add value and grow the Fund over the long-term.”

Tony Doherty, Head of Investment Solutions at LGIM Real Assets, added: “The new fund structure is a positive outcome for our investors who now have the advantage of increased liquidity, greater transparency and a longer term structure from which to drive asset management initiatives.”

The industrial sector outperformed significantly over 2017 with rental growth of 4.9% compared to All Property’s 1.9%[1]. LGIM Real Assets remains convictional on the fundamentals for this sector: the structural shift to online; an expanding trade sector and a buoyant SME sector supported by lending at attractive rates. Furthermore, pressure on land from residential uses and limited development of multi-let estates will support pricing.

Launched in 1997, IPIF was one of the first indirect specialist real estate funds and has become a leader in its sector, having outperformed its benchmark, the IPD Quarterly Industrial Benchmark, over three, five, 10,15  and now 20 years.  The Fund aims to acquire well located, good quality multi-let assets primarily in London and the South East.  IPIF has more than £2bn assets under management. 

[1] According to the MSCI IPD Monthly index

Jonathan Holland, Senior Fund Manager of IPIF at LGIM Real Assets: This extension will allow us to reposition our assets and use our team’s asset management skills to continue to add value and grow the Fund over the long-term.

Further information


Olivia Bayliss

Head of Communications

Capital and LGIM Real Assets


Faye Bennett

Head of Housing PR

Legal & General Capital

Notes to editors

Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner Life is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group. CN12182023-1

More information on LGRA can be found at

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.

1Data as at 31 December 2023.