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…