UK - The Merseyside Pension Fund has appointed CB Richard Ellis Real Estate Finance as its strategic property adviser, replacing Savills , following a detailed tendering exercise.

The £4.1bn (€4.55bn) local authority pension fund announced in March that its existing five-year contract with Savills was due to expire, so would tender for advisers, as required by European law. (See earlier IPE Real Estate story: Merseyside reviews property adviser)

A statement issued today by Wirral Council officials - which looks after the defined benefit pension fund - said the four-year contract will begin on 1 January but could be extended until the end of 2015 should they wish to do so.

The contract will be managed from CBRE's London office and cover general, strategic advice on property investment as well as specific advice on the sale and purchase of individual UK properties.

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