Merseyside retains CBRE as adviser for £400m property portfolio
Merseyside Pension Fund has retained CBRE as its strategic property adviser.
The £6.8bn (€9.24bn) Merseyside Pension Fund reappointed the manager to advise on its nearly £400m property portfolio, according to documents filed with the EU.
Merseyside tendered for a new manager last year, on a 6-10 year contract.
CBRE is to review the UK property portfolio’s investment strategy.
The local government pension scheme is yet to decide on an operational property manager, which it is also tendering for under a separate contract.
The new property manager will run the day-to-day operations for Merseyside’s portfolio that includes shopping centres in the South East of England, a business park and a building in London’s Mayfair district.
CBRE was initially awarded a four-year contract to run its portfolio in 2009, replacing Savills, before then being given a two-year extension.
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.