Kames Capital has been given two indirect property mandates worth £153m (€194m).

The Aegon subsidiary declined to reveal who awarded them.

A corporate pension fund, it said, awarded it a £103m mandate, while a university pension scheme awarded a £50m mandate.

The former is fully invested.

Last year, Kames, which has £51.7bn under management, was given a £85m mandate by the Kelda Group Pension Plan.

The Coca-Cola Enterprises Pension Scheme awarded Kames a £32m indirect property mandate from its £750m Coca-Cola Enterprises Pension Scheme, as well as £19m of equity for investment. 

The mandate was transferred from CBRE Global Multi-Manager last July. 

Mark Bunney, Kames’s head of indirect property, told IP Real Estate the UK secondary market had been active for some time, as a consequence of renewed appetite for real estate.

He said: “Prices have increased in the last 12 months, moving the market from a discount to NAV to, in some cases, a premium to NAV. That reflects the increased demand for property.”

He said Kames has used the secondary property to invest a “large cash allocation” for a previous client, making a substantial saving compared with a full offer on the primary market.

Kames indirect property team of Bunney, Matt Day and Tony Yu joined the business in 2012 from ING REIM, taken over by CBRE GI in 2011.