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.
 

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