Schroders has brought two Asian insurance companies into its UK Property Fund, 18 months after converting it to a property authorised investment fund (PAIF).

The unnamed insurers have committed £40m (€48m), marking their first investment in overseas real estate.

The fund, which has £1.4bn of UK commercial property, converted to the tax-efficient PAIF structure in July 2012. The vehicle has been offered to both UK institutional investors and overseas pension funds and insurers.

Fund manager James Lass said the UK property market is a “safe haven”. 

He said: “Our new insurance clients had previously had a domestic real estate holding in Asia but decided to increase their exposure to the asset class and diversify outside of their home market.”

Earlier this month, CBRE Global Investors announced it had been given a new mandate from Asian insurance companies to invest in UK property as well as French, German and US real estate.