BAE’s Shipbuilding Industries Pension Scheme (SIPS) has added £45m (€51.6m) to a fund managed by First Property Group.
The scheme boosted its commitment to UK real estate via First Property Asset Management, from an initial £125m, to £170m.
The account, established in January last year, is focused on income-producing UK property.
SIPs made an initial £125m commitment to the vehicle, which has a minimum 10-year life.
As of the end of last month, FPAM had drawn down £112m of the commitment.
The company said it was in negotiations to invest in several more opportunities.
Ben Habib, chief executive, said: “The current volatility in the market has created a very attractive investment environment for us, and, as a niche, proactive fund manager and investor, we are ideally positioned to benefit from the opportunities that arise.”
He added: “I am delighted the Shipbuilding Industries Pension Scheme has increased its commitment to £170m so we may take advantage of these market opportunities. I am also flattered by their continued endorsement of our management team, and we look forward to continuing to deliver good returns for them.”
SIPS, which has been advised by Hymans Robertson, is also invested in First Property’s UK Pension Property Portfolio (UKPPP) vehicle, which has been extended to February 2022.
