Aviva Investors' Lime Property Fund has received £35 mln (€44 mln) of equity from the Cumbria Local Government Pension Scheme (LGPS) in the UK.

Aviva Investors' Lime Property Fund has received £35 mln (€44 mln) of equity from the Cumbria Local Government Pension Scheme (LGPS) in the UK.

Lime Property is an open-ended fund that invests in commercial real estate assets with a high concentration of rents that are either inflation-linked or have pre-agreed fixed uplifts. The properties typically have an average unexpired lease term of over 20 years.

The fund is managed by Renos Booth, who has 20 years of real estate investment experience and has managed the portfolio since the beginning of 2009.

Matthew Graham, business development director at Aviva Investors, said: 'The Aviva Investors Lime Property Fund represents a fantastic potential solution for pension schemes, especially local government schemes, who want to invest defensively whilst still generating an attractive income-based return.'

Fiona Miller, senior manager of pensions and financial services at Cumbria County Council, added: 'We chose the Aviva Investors Property Lime Fund to provide the two-fold benefits of diversification and stable income generation within our defensive asset allocation. This commitment is part of a conscious strategy change required to help address the issue of our maturing liability profile.'