The Northern Ireland Local Government Officers Superannuation Committee (NILGOSC) has committed £100 mln (€119 mln) to M&G Real Estate’s UK residential property strategy.
The deal is one of the biggest pension fund PRS mandates to be awarded in the UK this year.
'NILGOSC has a significant allocation to UK property already and this further commitment to residential property is another exciting ingredient in the mix. We believe that M&G Real Estate’s fund is ideal for a long-term pension investor like ourselves and with their expertise we will benefit from steady and healthy returns,' commented David Murphy, chief executive of NILGOSC.
'PRS has come a very long way in a short space of time,' said M&G's head of residential investment, Alex Greaves (pictured). 'As an industry, we need to ensure that standards continue to increase by building high quality, sustainable communities that are designed specifically for renters.'
NILGOSC, one of the UK’S largest local government pension schemes investing some £6.5 bn on behalf of its members, was established by the Government in 1950.
M&G now invests in the private rented sector on behalf of 13 UK pension funds, including 10 UK local government pension schemes and one foreign pension scheme.
