The pre-funding of the Pavilions shopping centre in Swords to the tune of £85 million (#107m) by Eircom Superannuation is part of an ongoing policy by the pension fund to invest early in large new-build schemes in order to reap maximum benefits.

One of the most active investors in Ireland with managed funds of almost £2 billion (#2.54bn), Eircom Superannuation last year sold two office blocks and a retail investment - Canada Life House in Blackrock, Co Dublin, the Eircom Building at Lapp's Quay in Cork, and Number 1 Henry Street, Dublin - for a combined £20 million (#25.4m), because as smaller concerns "they didn't quite fit with the fund's strategy", according to a spokesman for Druker Fanning & Partners.

"The fund is normally involved in long-term investment so the sale of these buildings was unusual. It regularly reviews its property portfolio and decided it was best to place money in larger schemes."

The fund has grown rapidly since it was set up in 1983. It has invested about £700 million (#889m) in Irish companies, stocks and property and about £20 million (#25.4m) in venture capital.

It has eight trustees who are a combination of trade union representatives and employees of the company. The chairman is Jimmy Joyce. Irwin Druker, senior partner in Druker Fanning and Partners, has been fund property adviser for the past 10 years.

Previous ventures include the pre-funding of Liffey Valley retail park with £50 million (#63.49m) as well as two buildings in Ballsbridge - one occupied by Eagle Star and the other by Goodbody stockbrokers - at a combined cost of £50 million (#63.69m). The fund also owns a 70,000 sq ft building on Adelaide Road, let to AIB.

So far its investments have been primarily in Dublin, although the fund is also on the look-out in Cork, Limerick and Waterford on a regular basis - "but opportunities have not come up". The fund is particularly keen on investing in Irish products, property and traders. "There are a lot of Irish traders in Swords including Dunnes Stores, Easons, the Kylemore, and Moffitts shoe shop," the spokesman said.