Northern Ireland pension commits £100m to M&G U.K. fund
The £6.5 billion ($8.1 billion) Northern Ireland Local Government Pension Scheme has committed £100 million ($125 million) to the M&G U.K. Residential Property Fund, managed by M&G Real Estate. The open-end M&G U.K. Residential Property Fund invests in residential property in the United Kingdom, with an emphasis on mid-market apartments and houses in areas offering the prospect of rental growth and capital appreciation. The Northern Ireland Local Government Officers’ Superannuation Committee, which administers the pension fund, already has a significant allocation to U.K. real estate, according to a statement.The commitment is one of the largest pension fund mandates targeting the multifamily sector to be awarded in the United Kingdom this year. As of March 31, the pension fund had an actual allocation to real estate of 8.2 percent, according to its website.