GLOBAL - Three corporate pension schemes have invested €136m between them in Legal & General's income property fund.
The largest commitment - with an unspecified amount - came from the Paris-based Michelin Pension Plan.
The identities of the other two schemes have not been revealed.
Michelin's pension fund - which, a spokeswoman emphasised, has an investment strategy that is independent from its sponsor - confirmed it had invested in the fund, but declined to provide further details.
The three schemes' capital brings the L&G fund to £180m (€211m).
The fund, launched in July 2010, is aimed at defined benefit schemes, with a promised minimum yield of 4.5%.
It has so far invested £80m mainly in government-backed, inflation-linked assets offering secure rental income.
In addition, the fund is targeting sale and leaseback opportunities.
