Two U.K. pension funds invested in an affordable housing strategy managed by CBRE Investment Management, according to a news release Wednesday.
Tyne and Wear Pension Fund, South Shields, England, and Scottish Borders Council Pension Fund, Newtown St. Boswells, Scotland, invested undisclosed amounts in the U.K. Affordable Housing Fund.
The CBRE fund invests in social and affordable rental housing and affordable ownership properties in the most deprived areas of the U.K., helping drive economic regeneration.
The £8.7 billion ($10.5 billion) Tyne and Wear Pension Fund invests 8% of its assets in U.K. real estate and 5% of its assets in global real estate, while the £860 million Scottish Borders Council Pension Fund invests 15% of its assets in real estate.
Spokesmen for the pension funds could not immediately reached to comment further.