Senior Investment and Asset Manager London Diocesan Fund Candidate Information Pack
Introduction Dear Applicant,
Introduction
About Us
Thank you for taking the time to find out more about the Investment and Asset Manager post with the London Diocesan Fund. The Church of England in London is vibrant and at the heart of communities throughout the capital. The Diocese of London comprises parishes, chaplaincies, and missional communities in London north of the River Thames. At the London Diocesan Fund (LDF), we seek to do all that we can to support mission and growth in the Diocese of London, using our resources to help our parishes and worshipping communities serve over 4 million people. Reporting to the Head of Investment Property and Asset Management, the Senior Investment and Asset Manager is responsible for value add and development across the LDF’s £1bn property portfolio. The primary purpose of the Senior Investment and Asset Management role is to ensure that value and income is maximised throughout the housing and investment portfolios by way of proactive asset management, investment, disposal and development. The Senior Investment and Asset Manager will also be key to developing portfolio and asset strategies including delivery of a Net Zero Carbon objective. The Senior Investment and Asset Manager role offers the opportunity to be responsible for a substantial development programme and investment portfolio, within an organisation which has a direct impact on the lives of its local community. We hope that the following information provides greater detail regarding the Senior Investment and Asset Manager appointment, and we look forward to receiving your application.
The Portfolio
Job Description
Benefits
Diversity & Inclusion
Key Dates
About Us We serve a population of over 4m people covering 277 square miles of Greater London north of the River Thames and west of the River Lea, from the Isle of Dogs in the east to Staines in the west and as far north as Enfield. In its current form, our Diocese covers 17 boroughs in Greater London, in whole or in part, and also the district of Spelthorne in Surrey. It is cotermi- nous with the historic county of Middlesex. The area we serve is predom- inantly urban, although there are significant suburban areas and even rural parts to our northern and western fringes.
Within the Diocese of London, there are: • 500+ worshipping communities • 1,000 clergy and ministers • 200 men and women in training for ministry
• 75,000 adults on electoral rolls • 70,000+ regular worshippers • 150 church schools • 52,000+ pupils
• 150+ chaplaincies in schools, colleges, hospitals, the Metropolitan Police, Heathrow, railways, prisons, theatres, the forces, football clubs, Canary Wharf, livery companies, shops and City institutions • £1,000,000s raised each year for charities around the world • 1,500,000+ visitors and worshippers in St Paul’s Cathedral each year
The Portfolio The LDF’s overall property portfolio is valued at circa £1bn and is made up of the Operational Housing Portfolio and Investment Property Portfolio. The LDF manages its own property portfolio, with the support of third party agents, and supports parishes in managing their churches and buildings. The Senior Investment and Asset Manager will ensure that value and income is maximised throughout the housing and investment portfolios by way of proactive asset management, investment, disposal and development. The Senior Investment and Asset Manager will also be key to developing portfolio and asset strategies including delivery of a Net Zero Carbon objective
Operational Housing The operational housing portfolio incorporates the vital homes of clergy as well as surplus/let assets and opportunity for parsonage development.
Operational Property • 400+ houses of varying ages and sizes • Valued at circa £850m • Annual expenditure of circa £8m
Let Operational Property • 120 units • Gross income of circa £2.3m
The Senior Asset Manager will be responsible for identifying opportunities for capital release or income generation/cost reduction across the operational housing portfolio through transactional, planning, development and leasing initiatives.
Investment Property LDF’s investment portfolio is valued at circa £120m and comprises of about 30 main assets including industrial, retail, residential, alternative, office and land holdings throughout London and the South East. The current approved strategy seeks to increase income by a further re- shaping of the portfolio and asset management of existing properties as well as continued investment. The Senior Investment and Asset Manager will oversee rent reviews, lease renewals, planning and development strategies, disposals and acquisitions across the commercial portfolio.
The investment property function has delivered a benchmark-beating annual average total return over 11% since its establishment in 2014, materially exceeding targets. The capital value of the fund has grown by nearly £60 million (+87%) with no new investment, while sustainable net income has grown by £2.3 million per annum (+170%) – from £1.3 million in 2014 to £3.6 million in 2021. It is expected to exceed a £4.0 million net annual income target during 2022. • The portfolio comprises of nearly 100 assets, though around 30 account for over 90% of the value • Valued at circa £120m • Generates a gross income of circa £5m • Expenditure of circa £6m • Property Management function is supported by external property consultancies • Assets are located throughout London and the South East
At Dec-21 Values: Central London Offices • 7% of the portfolio weighted to the office sector • Majority located in the City and
Social Infrastructure • 10% of portfolio weighted to social infrastructure, including education • Tenants/assets include private schools in Paddington and Hammer- smith
Industrial & Storage • 29% of portfolio weighted to the industrial and storage sectors following acquisitions in Park Royal, Dartford, Croydon, Basildon, Reading, Rochester and Ashford • Further acquisitions planned • Noteable tenants include Selco, Halfords, Autocentres, Chapel Down, Wolseley and Charlie Bigham’s
Retail & Leisure • 27% of the portfolio weighted to retail following acquisitions in Croy- don, Chesham, Putney, Tunbridge Wells and Hayes • Major tenants include Wickes, Waitrose, Sainsburys and Matalan • Central London leisure holdings in Marylebone, Putney, Mayfair and Whitechapel
Central London Residential • 15% of portfolio weighted to the private rented residential sector • Includes prime locations such as Chelsea, Pimlico and City
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11% of portfolio weighted to land
• Site locations within the M25 include Enfield, Ruislip and Sunbury • 750 acre farm and mineral investment in Essex
Job Description Employer:
Main Responsibilities The principal duties and accountabilities of the role are set out below:
generation across the estate through parsonage “rightsizings”, reconfigurations, developments and new investment. Job Summary This is a new role with a remit that extends across both the LDF’s operational housing and investment property estate. The (Senior) Investment and Asset Manager will report to the Head of Investment Property and Asset Management. There will be a second (Senior) Investment and Asset Manager in the team, so responsibilities will be shared. The (Senior) Investment and Asset Manag- er’s primary responsibilities are:
The London Diocesan Fund
Job Title:
Senior Investment and Asset Management
Responsible to:
Head of Investment Property and Asset Management
Investment Property Portfolio •
To support the day-to-day investment management of the investment prop- erty portfolio implementing strategy at both portfolio and asset level by: Sourcing and underwriting appro- priate potential new ‘on-strategy’ investment acquisitions, undertaking pre-purchase due diligence and managing transactions. Preparing property-specific asset management plans with the objective of maximising total returns, and under- taking hold-sell analysis. Identifying and implementing value and income accretive asset manage- ment initiatives. Preparing properties for sale, ap- pointing agents, evaluating bids, and managing transactions. To input into operating and capital cash flow budgets and forecasts and portfolio investment performance reporting. To oversee the day-to-day manage- ment of the portfolio by the managing agents, including monitoring perfor- mance against KPI’s, ensuring tenant applications are processed in a timely manner and rent arrears are managed appropriately. To ensure that neighbourly issues e.g. rights of light, party walls, noise, boundary disputes etc. and lease consents are managed appropriately. To oversee claims for residential
Overview
The LDF The Church of England Diocese of London is a geographic area roughly covering the area north of the River Thames and within the M25 motorway though just extending up to the River Lea in the east. The Dio- cese comprises 400+ parishes. The Diocese conducts its financial affairs through a number of corporate bodies. The main body is the London Diocesan Fund (“LDF”). The LDF is a charity, the principal activity of which is to serve and support the parishes and people within the Diocese. It does this operationally through the payment and housing of parish clergy and support to their ministry. The Housing & Investment Property Department The Housing & Investment Property department oversees both the LDF’s circa £1 billion, 600-unit, London operational housing portfolio and the LDF’s circa £123 million mixed-use investment property fund (industrial, retail, residential, alterna- tive, office and land investments across London and the South East). Our estate is subject to a range of ecclesiastical and charity property legislation.
established in January 2014 from a pre-ex- isting non-operational portfolio, and has since undergone a period of rapid change. In 2018, a target was set to generate sustainable net income from the portfolio of £4 million per annum by 2023, without sacrificing capital growth, and a strategy was set accordingly. The investment property function has delivered a benchmark-beating annual average total return of 11.3% since its establishment in 2014, materially exceeding targets. The capital value of the fund has grown by over £57 million (+87%) with no new investment, while sustainable net income has grown by £2.3 million per annum (+169%) – from £1.3 million in 2014 to £3.6 million in 2021. It is expected to achieve the £4.0 million net income target during 2023. A review of the investment property function is anticipated during 2023, before a new strategy can be set for the period up to 2030. unlocked through the proactive asset man- agement of our operational housing estate since 2013 (equivalent to a little over £1 million per annum on average). However, we have identified opportunities for mate- rial further capital release or new income Asset Management Over £10 million of value has been
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The effective management of the investment portfolio to deliver the Investment Property Strategy. This will include inputting into strategy to de- liver investment objectives, sourcing on-strategy new investment opportu- nities, identifying disposal targets, and identifying and implementing value and income accretive asset manage- ment initiatives to maximise returns. To identify opportunities for capital release or income generation across the operational housing portfolio (e.g. through planning, development and leasing initiatives) and imple- ment those strategies, and to identify ‘on-strategy’ operational housing sale targets and new acquisitions, and effectively lead and manage those transactions. Inputting into an environmental strate- gy to be developed to deliver on the organisation’s carbon emissions target.
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Investment Property The LDF investment property fund was
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ground lease extensions and enfran- chisements, using specialist consultants as necessary. To take collective responsibility for the investment portfolio health and safety risk register (maintained by Cluttons). To prepare papers for, attend, and present at Property Guidance Group (non-executive property investment committee) meetings. To support the external Market Valuation of the Portfolio every 3 years (next one in December 2022) and annual interim desk top valuation review. To ensure that appropriate insurance is in place for all properties and review the insurance requirements annually with the LDF’s insurance Brokers. To identify ‘on-strategy’ operational housing sale and acquisition targets, negotiate with, persuade and secure support from key stakeholders, and effectively lead and manage those transactions. To manage existing planning and development pipeline through to successful completion of projects (e.g. residential conversions, residential new build). To identify other opportunities for capital release or income generation across the operational housing portfo- lio, and implement those strategies. To build close working relationships with Archdeacons who are key stakeholders in the development and execution of operational housing
strategy, keeping them well-informed at all times of proposed initiatives and seeking to secure their support at an early stage. To communicate and engage well with other stakeholders (e.g. clergy and parishes) at all times, clearly, accurately and empathetically communicating proposed initiatives to secure support. To monitor and report on the financial impact of asset management activities, both in terms of net capital released and new income streams. To work with and/or support the Par- ish Property Support department on development projects which include both parish and diocesan property. To prepare development and investment appraisals in support of business plans to demonstrate financial risks and returns of recommended strategies. To consider the execution/procure- ment options for development pro- jects and recommend the optimum delivery route, putting appropriate contracts and reliance documenta- tion in place with the contractor and professional team. To act as development manager on direct LDF development activities, ensuring successful project delivery. To ensure that all risks are identified, managed, reported and escalated as appropriate. To appoint and manage external consultants as necessary to assist in identifying/clarifying asset manage- ment opportunities and implementing
strategies.
• To coordinate, work with, and monitor the perfor- mance of appointed professional advisors including but not limited to managing agents, solicitors, valuers, planning consultants, project managers, insurance brokers etc. • To comply with relevant charity and ecclesiastical legislation, in particular the Charities Act 2011 and Church Property Measure 2018, as applicable. • To develop ideas, seek approval and implement initia- tives that will year on year reduce the CO2 emission of the portfolio, to achieve Net Carbon Zero as soon as practical. • To prepare reports for Diocesan Finance Committee (trustee body) approval to proposed transactions or major capital projects, and attend and present at meetings if necessary. • To monitor emerging legislation which might impact on strategy, and the performance of and outlook for the various property sectors to inform hold/sell decisions, and keep wider team updated. • To support the effective management of our estate at all times e.g. correcting title registration defects when identified. • To work closely with the finance team and administra- tive support as necessary. •
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Operational Property Portfolio •
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To take part in regular supervision meetings and annual appraisals, with an openness to learning and development, and continuous improvement. The post-holder may be required to undertake any other duties that are commensurate with the role. Early morning, evening or weekend work may be required on occasion.
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Person Specification Essentials • Demonstrable investment management and/or asset management experience • A proactive, creative and original strategic thinker, who can identify opportunities and develop strate- gies independently • Varied commercial property experience across a broad range of property types and uses • Experience overseeing the delivery of refurbish- ment and development projectsUp to date with Commercial Landlord and Tenant legislation, and planning law. • Experience in preparing investment and develop- ment valuations and appraisals including cash flows • Thorough, effective user of IT • Well-organized and administratively self-sufficient • Excellent interpersonal, written and oral communi- cations, and negotiation skills • Demonstrates a good attention to detail • A team player, who is always willing to support colleagues Desirables • Residential property asset management experience (in addition to commercial experience) • Experience of residential leasehold enfranchisement and lease extension valuations/procedures • Knowledge of Charity Act law • MRICS
General Conditions Diversity We understand the benefits of employing individuals from a range of backgrounds, with diverse cultures and talents. We aim to create a workforce that: • values difference in others and respects the dignity and worth of each individual • reflects the diversity of the nation that the Church of England exists to serve • fosters a climate of creativity, tolerance and diversity that will help all staff to develop to their full potential. We are committed to being an equal opportunities employer and ensuring that all employ- ees, job applicants, customers and other persons with whom we deal are treated fairly and are not subjected to discrimination. We want to ensure that we not only observe the relevant legislation but also do whatever is necessary to provide genuine equality of opportunity. We expect all of our employees to be treated and to treat others with respect. Our aim is to provide a working environment free from harassment, intimidation, or discrimination in any form which may affect the dignity of the individual. Equal treatment amongst differing people from diverse backgrounds is one of the central precepts of the Church of England’s mission and theology. The Church of England values the richness which this equal treatment brings to the workplace. The Diocese of London is therefore concerned to avoid discriminating against any person. Standards of Behaviour and Conduct Staff are expected to act at all times with due consideration for others and in a manner befit- ting their position as employees of the Church and as professionals, whatever their job. Health and Safety Responsibilities All LDF staff are required to ensure that they understand and accept the legal duties placed on them by the Health and Safety at Work Act not endanger themselves or others by any act or omission on their part and by the Management of Health and Safety at Work Regulations to co-operate with colleagues and management in the control of health and safety at work. Therefore, staff are required to: • Read, understand and abide by the LDF Health and Safety Policy; • make themselves familiar with accident and emergency procedures for their site; • inform their manager immediately of any health or safety deficiencies or dangerous situations or near misses; • set a good personal example in respect of health and safety. Confidentiality Staff must not pass on to unauthorised persons, any information obtained in the course of their duties without the permission of their Head of Department.
As well as working with other professionals committed to serving the mission of the church in London, our offer to you includes Our Offer to You
Financial Wellbeing •
Physical and Psychological Wellbeing •
Enhanced pension scheme with a 15 employer contribution (min- imum 3 employee contribution) and salary exchange option Bi annual access to free and inde- pendent pensions advice 1 1 Retirement workshops to support financial and psychological transition Life Assurance worth 3 x basic, gross, salary Staff involvement in organisation- al issues and decisions through mechanisms such as the Staff Forum and Team Meetings A bi-annual performance review process An evolving organisational learn- ing and development programme Season ticket loans Payment of professional subscrip- tion fees, where required for the role
27 days annual leave, increasing to 30 days after 5 years’ service. An additional day is gifted to all employees over the Christmas Period Following one years’ full service, parental leave will be paid in full up to 26 weeks Social events for staff to take a break and meet with colleagues, including the Summer BBQ and Christmas lunch Optical cover. Up to £100 may be reclaimed for eye tests and/or lenses required for visual display use Private medical insurance available (premiums and excess paid by the LDF) 24-7 Employee Wellbeing Help- line available to all employees Employees are encouraged to contribute to community pro- grammes and charities through volunteering, fundraising and payroll giving Free entry to St Paul’s Cathedral for up to four people at one time
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Building a Learning Culture •
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Community Action •
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Key Dates The Diocese of London is being supported on this recruitment campaign by the search consultancy The Management Recruitment Group (MRG). To arrange a confidential briefing conversation please contact our advisor
Christopher Mackenzie Christopher.Mackenzie@mrgpeople.co.uk 02039629900
Applications should consist of a comprehensive CV and a covering letter (of not more than 2 pages).
Closing date for applications is 22nd January 2023
First stage interviews with MRG to take place w/c 23rd January 2023. First stage interviews with Diocese of London are scheduled for w/c 6th February 2023.
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