West Midlands seeks direct property manager
UK - The West Midlands pension fund is looking for a manager for its £560m (€824.6m) direct UK property portfolio.
Following an internal review the fund, with assets in excess of £7bn, will review all its major service providers, Mike Hardwick, property manager at the fund, told IPE. The incumbent manager Cushman & Wakefield Investor will be allowed to re-tender.
Hardwick said that the fund held direct property investments because it "likes to have control over the assets it owns and where it can, influence investment decisions".
As for other real estate investments, the fund holds a small number of units in a European property fund.
Interested parties can apply for day-to-day operational management of the direct property portfolio as a separate contract, strategic management as a separate contract, or a combination of the two. Deadline for participation is May 2.
Elsewhere, the £497m London Borough of Barking and Dagenham pension fund is looking for an actuary.
As the contract of the incumbent actuary Hymans Robertson is coming to and end the fund is obliged to tender the position.
"We have to tender to ensure wet get value for our money. There might be something out there that is better," a spokeswoman told IPE.
Hymans Robertson will be allowed to re-tender as "there have not been any issues" and the fund was content with its performance.
Deadline for participation is April 27.
Find more stories on institutional investment into real estate on www.iperealestate.com.
IPE's sister publication IPE Real Estate has a weekly online newsletter for which you can subscribe free of charge. On the webpage you can also subscribe to the IPE Real Estate magazine.