UK - The £1.4bn Avon Pension Fund has hired Partners Group and Schroders to manage a property mandate worth approximately £180m.
The tender process - which attracted more than 35 interested fund managers -was completed in association with bfinance.
Avon Pension Fund investments manager Liz Feinstein said it was the third search using the consulting firm.
bfinance business development director Michael Hart said the tender process was made more complex by the lack of comparable long term track records across the industry.
bfinance research and development managing director Olivier Cassin added: "We have seen an increased interest among European investors to diversify their property exposure away from their home market, to include European and global markets.
"In order to gain maximum diversification to global markets, Avon has opted for the 'multi-manager' approach."
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.
UK inflation fell from 2.3% to 2.1% in December, approaching its lowest rate for two years, according to the Office for National Statistics (ONS).