Berkshire trades direct property for fund

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UK -  The £1.4bn (€2.1bn) Berkshire pension fund has made a £15m investment into BlackRock's UK property fund.

The fund confirmed it had sold off some of its directly owned property to make the investment.

"It is one of 12 investments into real estate funds we have," a spokesman for the fund told IPE.

Property currently makes up around 10% of the Berkshire fund's portfolio.

The spokesman also confirmed the Asia-Pacific equity mandate in excess of £80m which the fund tendered at the end of last year is expected to be awarded in November. The incumbent contract holder is Schroders.

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