Pension funds line up for inflation-linked lease exposure
Trinity Housing Association did its first inflation swap in September last year. The West Midlands-based developer acquires properties on behalf of local authorities in order to provide accommodation for adults with learning disabilities. During 2007, it bought three properties, with identical lease agreements, around Walsall for just under £1 million, says Andrew Elliott, Trinity’s managing director – rent increases annually for 15 years at the UK’s Retail Price Index plus 1%.
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