Local council pension funds from London and Lancashire are pooling £1.2bn (€1.44bn) of real estate. The pension funds’ existing core property allocations are being combined through the Local Pensions Partnership (LPP), a jointly owned asset management vehicle. Knight Frank Investment Management (KFIM) will source and manage investments for £850m of LPP capital. The London Pension Fund Authority (LPFA) and Lancashire County Pensions Fund (LCPF) will respectively hold £300m and £550m in the pool.