Merrill Lynch Investment Managers has invested £35 million ($58 million); injecting properties worth £19.4 million ($32 million) with the balance of £15.6 million ($26 million) in cash. And British Airways Pension Fund has invested £20 million ($32 million) in cash.
The Fund, was established in June 2001 with an initial fund size of £360 million ($600 million). It has already attracted investment from Morley, Hermes and Foreign & Colonial, expanding the fund to over £580 million ($970 million). During the year to 31 December 2002 the Fund produced a net return to investors of 18.6% per annum, significantly outperforming its industry benchmarks.
Morgan Jones, joint chief executive of Ashtenne, said: "We are pleased to have attracted this significant level of new investment from such well recognised sources. It enables us to continue to take advantage of buying opportunities."
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