The £6.8bn (€9.2bn) Merseyside Pension Fund is searching to replace the day-to-day manager for its near £400m property portfolio.
The local government pension scheme (LGPS) appointed CBRE to run its portfolio in 2009 but is now tendering for a new manager, on another six to ten-year contract.
The property manager will run the day-to-day operations for its portfolio that includes shopping centres in the South East of England, a business park and a building in London’s Mayfair district.
Merseyside is also tendering for a property adviser which it said will liaise with the scheme and the manager to ensure all valuations and stakeholders have up-to-date information on the portfolio.
The pension fund’s property holdings rose 18% in value over the year to April 2015 becoming the biggest contributor of growth to the portfolio’s 12.6% return – which itself was 2 percentage points above benchmark.