First Property has extended a UK property fund specialising in small real estate assets until 2022.

The property fund manager said limited partners in its UK Pension Property Portfolio vehicle agreed to extend the fund’s life by five years.

The fund, which has targeted lot sizes of between £3m (€3.8m) and £15m, was due to mature on 5 February next year.

The company said the unleveraged fund was generating a 6.5% annual dividend yield for partners.

The fund holds 21 UK assets valued at around £100m.

A number of large UK corporate pension funds backed the fund in 2010

Several blue-chip pension schemes, advised by Stamford Associates, committed £106m of equity to the vehicle.

At the time, the company said it was targeting the niche, as it fell between private investors and the larger institutional market.