The £300m (€447m) UK pension fund of Coca-Cola Enterprises, the bottling and distribution arm of the soft drinks manufacturer, has overhauled its fund management line-up and put money into bonds and property for the first time.

The scheme has hired Deutsche Bank's Rreef property business to run a £30m UK multi-manager real estate brief, and also made a 10% allocation to fixed income. Coke declined to say who would manage the fixed income portfolio.