Alaska’s Permanent Fund Corporation has mandated LaSalle Investment Management to invest £250m (€304m) in UK property.

The fund will seek investments between £50m and £150m, LaSalle said.

All commercial real estate sectors, including mixed-use property, will be considered.

The move by Alaska is the first time it has considered European commercial real estate.

LaSalle already advises Alaska in its own market.

Michael Burns, executive director at the Alaska Permanent Fund Corporation, said: “While the entry into Europe is clearly expected to provide diversification benefits, the increased capital dedicated to real estate – both domestically and globally – compels us to expand our footprint and opportunity set.”