UK - The British Steel Pension Fund has acquired an HMV music store in Manchester from a private investor for £18.9m (€21.14m) and plans to make further acquisitions over the next 18 months.

The £8.76bn pension fund began buying direct property assets in the UK in the second half of 2009, following almost a two-year pause in acquisitions.

The latest acquisition of the five-storey building at 90-100 Market Street, Manchester, followed a number of purchases, including two office units in Bristol  - sold by the Greater Manchester Pension Fund - and two sale-and-leaseback deals with Tesco, worth £63.7m.

The last acquisition made by the British Steel pension fund prior to the financial crisis was Hempstead Valley Shopping Centre in Gillingham, which it bought from the British Airways pension fund.

"We have been buying steadily over the last eight months and wish to continue to do so probably over the next year to 18 months," said Martin Kimmelman at the British Steel pension fund. "We are looking for opportunities across the board."

The pension fund had more than £412m invested in UK real estate in March 2009, representing 4.7% of its £8.7bn in total assets under management.