UK - The £9.5bn (€14bn) Greater Manchester Pension Fund is reviewing Colliers CRE as the independent valuer for uts property portfolio.

The fund, which has invested £900m in property, mainly UK real estate both direct and indirect, said it is "periodically reviewing service providers who assist in the management of the assets".

At the last full evaluation at year-end 2005, the fund's directly-owned property portfolio comprised 72 properties valued at £525m and no new properties were added to this portfolio during 2006.

"The best performing property in the portfolio was the neighbourhood shopping centre in Bearwood, a suburb of Birmingham, where the fund concluded new lettings of unit shops and a supermarket, in so doing improving the quality and length of its income stream and also revitalising the town centre," the fund noted in its 2006 annual report.

It added the directly-owned portfolio is "well diversified by sector and geography, and contains high street shops, small shopping centres, retail warehouses, town centre offices, business park offices and industrial properties". 

The majority of the fund's assets are managed internally.

Deadline for participation in the tender is October 25.