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Merseyside retains CBRE as adviser for £400m property portfolio

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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.

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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.

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