Australia-listed property company Lend Lease Group has started a £220m ($350m) fund to invest in healthcare, education and accommodation infrastructure projects in the UK, in association with Netherlands-based pension fund PGGM Vermogensbeheer.

Lend Lease will sell £105m of existing UK assets to the Lend Lease UK Infrastructure Fund and co-invest a further 10% in the fund and provide facility management services to assets. PGGM will provide the remainder of the money.

Steve McCann, chief executive of Lend Lease, said the launch of the fund, which has a 28-year life, was a "strategic milestone" for its UK business.

In March, Lend Lease’s corporate venturing unit formed last year invested $8m in Daintree Networks, a US-based developer of wireless lighting control solutions for commercial buildings.

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