SEOUL-Korea's National Pension Service, which has invested insubstantial European real estate in 2010 - mainly throughLondon-based investment manager Rockspring - aims to reach morethan 10% of total assets in various alternative assets by 2014.This implies allocation of another $11.9 billion to $13.5 billionin the next four years.

NPS will work with Townsend Real Estate in the US to commit upto $300 million to the US housing market and will also work in Asiaand Europe with Prudential's investment manager Pramerica inseeking further property exposure. Total further short-terminvestment is up to $1billion for each region.

NPS's largest property deal to date was acquisition of HSBC'sLondon HQ for $1.3 billion in November 2009. This year it bought,for around $660 million, the Sony Center in Berlin. In line with atwo-year rotation, NPS in November appointed Lee Chan-woo as newCIO.