Strathclyde seeks property valuer
UK - The £9.6bn (€14.1bn) The Strathclyde pension fund for Glasgow County Council is looking for a new independent property portfolio valuer.
As its five-year contract with the current service provider Collier is coming to an end, the council is re-tendering, David Crum, the fund's chief pension officer, explained to IPE.
The £900m portfolio is currently managed by Arlington Securities and consists of around 50 properties in the UK, diversified across industrial, retail and office sector.
Crum also confirmed the five-year contract with the fund's custodian Northern Trust will run out later this year and be put out for tender.
At the beginning of this year, Strathclyde appointed AllianceBernstein, Invesco Perpetual, Edinburgh Partners and Lazard to run an unconstrained global equity mandate.
The tender followed a major portfolio review undertaken last year by the fund's consultant Hymans Robertson.
Deadline for participation in the real estate tender is July 2.