Universities Superannuation Scheme, Liverpool, England, hired First Property Group to manage up to £50 million ($90.2 million) in a real estate fund, according to a statement issued by First Property Group. The real estate fund will invest in commercial property in the U.K. as well as Central and Eastern Europe.
No further details were available; officials at the £21.7 billion scheme and the fund's consultant, Mercer Investment Consulting, were unavailable by press time. USS spokesman David Tattersall said he was unfamiliar with the matter and would not be able to comment by press time.
Excluding the impending USS investment, the statement said, First Property Group has £21 million under management. Ben Habib, CEO of First Property Group, did not immediately return a call.