REAL ESTATE - Shropshire County Council pension fund is seeking an investment manager for a £43m (€63.7m) pan-European real estate portfolio.

The move reflects a wider trend for UK pension funds to move out of the domestic real estate market in favour of pan-European property.

The mandate - which will make up 5% of the £860m fund - will include exposure to European real estate via the multi-fund strategy or via a pan-European fund of funds.

Pension fund spokesman Graham Chidlow said: "They see European real estate as diversification - and this way the fund will have access to the best managers."

The fund hopes to have a manager in place by April 2007. There is no fixed duration for the mandate.