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News Release

London

JLL advises USS on £95 m acquisition


LONDON, 31 May 2017 - JLL’s Alternatives team has advised the Universities Superannuation Scheme Ltd (USS) on the acquisition of the PINE unit trust (PINE), a portfolio of 32 children’s nurseries and one special educational needs school from private equity fund manager Epiris for £95m.

PINE is a property portfolio with assets across the UK, let to a range of different tenants on long term index-linked leases including four of the top ten nursery operators and a leading provider of special needs education, nationally.

The deal follows the £100m launch earlier this year of the ‘Supported Housing Investment Limited Partnership’ (SHIP) – a joint venture between USS and Morgan Sindall Investments, providing purpose built housing for vulnerable people with physical and learning disabilities.

Mike Powell, Head of Private Markets USS said: “As part of our innovative and flexible investment approach, we are increasingly looking at alternative property assets as a significant source of properties offering a diversity of tenants on long leases and backed by strong covenants."

Martin LeGrice, Head of Alternative Investment in JLL’s Alternatives team, commented:“We are delighted to have advised USS on this landmark deal which highlights the continued demand from investors for long dated, index linked income backed by operational real estate”

Verity Knight, Associate Director in JLL’s Alternatives team, added: “This deal further demonstrates investor’s ability to understand relatively immature ‘alternative’ markets where there are attractive fundamentals supported by demographic trends, further M&A activity and improving corporate covenants.”