Avon Pension Fund, Bristol, England, is making its first real estate investments. The £2.2 billion ($4.3 billion) fund plans to invest a total of about £250 million in two active real estate portfolios, said Tony Worth, investment officer. The new mandates are to be divided evenly between a U.K. portfolio and an overseas strategy. The timing will depend on what the market does, Mr. Worth said in a telephone interview. The timing is fluid at the moment.
Funding will come from a multiasset portfolio managed by BGI, where the money was parked after a previous termination. Consultant bfinance is assisting. Managers are scheduled to be appointed in the second quarter.