French pension fund ERAFP has made its first real estate acquisition with Investment Management.
LaSalle said it bought a retail asset in the UK from Green Property for Β£14.9m (β¬20.2m).
The asset, in Birminghamβs New Street, is let to Tesco and Evans Cycles.
LaSalle said the deal was done at a net 6.6% initial yield.
Beverley Shadbolt, fund manager, said it would invest in high-quality core assets across Europe for ERAFP, LβEtablissement de Retraite Additionnelle de La Fonction Publique β Franceβs public sector pension fund.
βNew Street is set to benefit from its proximity to the city-centre regeneration project including the refurbishment of New Street Station and the opening of Grand Central later in 2015,β Shadbolt said.
ERAFP made its first real estate acquisitions via a mandate with in Spain and the UK in .
The fund made the decision to invest abroad in 2013.
