BAE鈥檚 Shipbuilding Industries Pension Scheme (SIPS) has added 拢45m (鈧�51.6m) to a fund managed by First Property Group.
The scheme boosted its commitment to UK real estate via First Property Asset Management, from an initial 拢125m, to 拢170m.
The account, established in , is focused on income-producing UK property.
SIPs made an initial 拢125m commitment to the vehicle, which has a minimum 10-year life.
As of the end of last month, FPAM had drawn down 拢112m of the commitment.
The company said it was in negotiations to invest in several more opportunities.
Ben Habib, chief executive, said: 鈥淭he current volatility in the market has created a very attractive investment environment for us, and, as a niche, proactive fund manager and investor, we are ideally positioned to benefit from the opportunities that arise.鈥�
He added: 鈥淚 am delighted the Shipbuilding Industries Pension Scheme has increased its commitment to 拢170m so we may take advantage of these market opportunities. I am also flattered by their continued endorsement of our management team, and we look forward to continuing to deliver good returns for them.鈥�
SIPS, which has been advised by Hymans Robertson, is also invested in First Property鈥檚 UK Pension Property Portfolio (UKPPP) vehicle, which has been extended to February 2022.
