Northern Ireland Local Government Officers Superannuation Committee, Belfast, committed £100 million ($125 million) to M&G U.K. Residential Property Fund, managed by M&G Real Estate.
The £6.5 billion pension fund already has a significant allocation to U.K. real estate, said David Murphy, CEO of the plan, in a news release on its website. As of March 31, the fund had an 8.2% allocation to traditional real estate, and a 4.6% allocation to index-linked real estate, both managed by LaSalle Investment Management, said its website.
“We believe that M&G Real Estate’s fund is ideal for a long-term pension investor like ourselves and with their expertise we will benefit from steady and healthy returns,” added Mr. Murphy.
Executives at NILGOSC could not be reached for comment by press time.