The New Mexico State Investment Council plans to invest $193m (€174.5m) in non-core real estate in 2017.

The investor’s annual investment plan was approved at a board meeting this week.

New Mexico State said it had already committed sufficient capital to core open-ended funds and was looking to round out its portfolio with value-added funds.

The sovereign wealth fund is looking to invest the capital on a global basis.

Vince Smith, deputy investment officer, said New Mexico would consider additional investment opportunities in Europe, following the UK’s vote to leave the European Union.

“Our view of Europe is one of taking advantage of market dislocation,” he said.

“The Brexit situation surely does change our feeling on this region.”

The planned amount will be invested through funds, most likely through three separate commitments in the range of $50m to $75m.

The commitments could be placed in investment funds focused on a single property type, such as apartments or industrial properties.

The sovereign wealth fund could also invest in a fund focused on a diversified portfolio.

New Mexico State has a current real estate portfolio valued at around $1.9bn, with 85% invested in the US and 15% internationally.

The investor is looking to step up its pacing schedule for real estate, to $200m in 2018 and $207m in 2019.

The fund’s 10% target allocation for real estate could be changed next year.

The sovereign wealth fund will be conducting an asset allocation study in mid-2017 with general investment consultant RVK.