The Local Authorities’ Property Fund (LAPF) has seen returns more than halve over the past year due to a decline in the value of its retail properties.
In its annual report the fund announced returns of £4.64m over the year to 31 March 2002, against returns the previous year of £10m.
The returns also fell short of its benchmark targets.
In its annual report the fund, which is managed by CCLA, announced returns of 4.3% over the year to 31 March 2002, against a benchmark of 7.2%. Last year returns were at 8%.
Falling values and the disposal of six properties for £12m reduced the value of the fund from £125m to £108m over the year.
The LAPF represents 28 local authorities, and owns 28 properties across the UK.
EGi News 09/08/02
