Leicestershire County Council Pension Fund, Leicester, England, committed an additional £25 million ($35 million) to Kames U.K. Active Value Property Unit Trust II, said Colin Pratt, investments manager of the £3.9 billion pension fund.
"We have already committed (and had drawn) £25 million into KAVPUT II, but have recently topped this up with a further £25 million commitment," Mr. Pratt added. The original commitment was made in October 2016.
The active value strategy managed by Kames Capital targets commercial property assets with typical lot sizes between £5 million and £15 million. The pension fund's allocation to property is at 8.2%.
"Our motivation was purely that Kames have exhibited an ability to purchase properties within the segment of the market that they are targeting, and have proven that they can improve the value via active management," Mr. Pratt said.