The New Mexico State Investment Council plans to increase is exposure to the European real estate market and invest up to $100 million per annum, IPE Real Assets reported, citing a board meeting report.

The sovereign wealth fund is aiming to lift the European proportion of its real estate portfolio to between 10% and 15% over the next few years from 7.4% at present, with all investments to be made through noncore real estate funds, according to the report.