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Legal & General Investment Management (Holdings)

PRI reporting framework 2018

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Peering questions

OO LE 01. Breakdown by passive, quantitative, fundamental and other active strategies

LE 01.1. Provide a breakdown of your internally managed listed equities by passive, active - quantitative (quant), active - fundamental and active - other strategies.

Percentage of internally managed listed equities

98.4 Passive
0 Active - quantitative (quant)
1.6 Active - fundamental and active - other
Total 100%

LE 01.2. Additional information. [Optional]


OO LE 02. Reporting on strategies that are <10% of actively managed listed equities

LE 02.1. For strategies that account for less than 10% of your internally managed listed equities, indicate if you would still like to report your activities.

Report on strategy

All active strategies

LE 02.2. Additional information. [Optional]


OO FI 01. Breakdown by passive,active strategies (Private)


OO FI 02. Option to report on <10% assets (Not Applicable)


OO FI 03. Breakdown by market and credit quality (Private)


OO SAM 01. Breakdown by passive, quantitative, fundamental and other active strategies (Not Applicable)


OO PE 01. Breakdown of investments by strategy (Not Applicable)


OO PE 02. Typical level of ownership (Not Applicable)


OO PR 01. Breakdown of investments

New selection options have been added to this indicator. Please review your prefilled responses carefully.

PR 01.1. Indicate the level of ownership you typically hold in your property investments.

PR 01.2. Provide a breakdown of your organisations allocation to Real Estate Investment Trusts (REITs) or similar

PR 01.3. Additional information. [Optional]

Legal & General Investment Management (LGIM) is one of Europe’s largest institutional asset managers and a major global investor. Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

LGP has a strong and long-term commitment to sustainability and responsible investment, adopting or investing in pioneering solutions, Sustainability is now arguably one of the most critical agents of change in real estate ownership. From a fund management perspective, the drivers of behaviour are primarily about protecting the medium to long term value of portfolios, whilst adding value, and acting in a socially responsible manner.  We believe that through the integration of sustainable thinking and behaviour in everything we do, we will deliver enhanced returns to our investors.

Our commitment to sustainability is driven by the recognition that the built environment has a very significant impact on UK society and its ecosystem, including contributing almost half of the UK’s greenhouse gas emissions.  It is our belief that sustainability already sites alongside location, tenant, building size and building quality as a key factor in real estate’s value and performance and its importance will only increase over time.

As one of the UK’s largest landlords we are highly conscious of our responsibility to go over and above the industry norm of only ‘greening’ part of a property portfolio or specific funds, and instead aim to put environmental and social sustainability at the heart of our property investment decision making.  The fact that we apply leading edge environmental and social governance brings numerous benefits, many of which are economic. Through consistently applying best practice sustainability criteria, across our entire portfolio, including our Environmental Management System (EMS), certified to ISO 14001 since 2005.

Multi-award winning,  LGP has won numerous awards over the last two years, including Property Fund Manager of the Year at the UK Property Awards, Property Manager of the Year at the UK Pensions Awards and UK Fund Manager of the year at the UK Estates Gazette awards.


 


OO PR 02. Breakdown of assets by management

PR 02.1. Provide a breakdown of your organisation’s property assets based on who manages the assets.

Property assets managed by

Breakdown of your property assets (by number)
Managed directly by your organisation
Managed via third-party property managers appointed by you
Managed by other investors or their property managers
Managed by tenant(s) with operational control
Total100%

PR 02.2. Additional information. [Optional]

The majority of our properties are managed by single tenants, on a 'Fully Repairing and Insuring ' (FRI) lease.  Hence the tenant has full operational, maintenance and repairing control over the property.  From previous surveys we have calculated the total carbon footprint of all activities on our sites and established that 5% is within our operational control and 95% within the operational control of our tenants.

All sites where we have some operational control are managed by outsourced managing agents, whose contracts contain a number of sustainability KPI's with risks and rewards.  They are then also required to set KPI's throughout their supply chain and report the performance of their suppliers in terms of sustainability, on a quarterly basis.

We have tendered our first contract for managing agents, which includes asking them to report quarterly on their social value, using the Social Value Portal (SVP) methodology, which we helped SVP develop via a joint research project with the British Council of Offices/


OO PR 03. Largest property types

PR 03.1. Indicate up to three of your largest property types by AUM.

Types

Main property types (by AUM)

Largest property type
Second largest property type
Third largest property type

PR 03.2. Additional information.

Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM) and one of the largest institutional property fund managers in the UK.  The funds cover over 5,000 separate tenancies and approximately 4,000 buildings.

One of the most active UK investors in the UK property market, these funds include:

  • Balanced Funds
  • Specialist Pooled Funds
  • Single Asset Vehicles

LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.

Approximately 55% of our portfolio is in multi-let assets, although the majority of these are industrial parks, leisure parks and retail parks, where LGP manages the asset and most of the property is let to a single tenant on a fully repairing and insuring (FRI) lease.

All our property acquisitions go through a vigorous environmental and sustainability due diligence process which ensures that irrespective if built on a green filed of brownfield site, all risks with regard to land contamination are mitigated


OO INF 01. Breakdown of investments (Not Applicable)


OO INF 02. Breakdown of assets by management (Not Applicable)


OO INF 03. Largest infrastructure (Not Applicable)


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