UK – The 750 million pound (1.05 billion euro) West Sussex County Council pension fund has put its direct property portfolio up for tender.

The portfolio, valued at 62.6 million pounds (87.7 million euros), is currently managed by Cusham & Wakefield Healey & Baker – which has run the funds since 1980.

Says Rosemary Burfoot, group accountant, technical, at the southern English council: "We have to test the market. It is a matter of best value and due diligence. However, there is no presumption for change" Cusham & Wakefield Healey & Baker will be re-tendering.

The fund has a long-term target of 10% in direct property and the plan is to implement this out of cash flow. The fund’s performance objective is to outperform the Investment Property Databank All Properties Index by one percent a year over a three-year rolling period with the aspiration that performance will not fall more than three percent below the benchmark in any one year.

Those institutions which can provide a direct property acquisition, disposal and management service initially nationally and potentially internationally are required.

Applications for tender documents close on June 26 and completed documents must be received by July 10.