Greater Manchester Pension Fund – the largest local authority pension fund in the UK – is scouting a real estate manager-cum-consultant for its property venture fund.

The tender is designed to keep the current incumbent – which the fund did not name – on its toes, according to Neil Charnock, a spokesman for the authority, which covers employees of 10 district councils.

“We need to be sure we have the best property manager at the best price,” said Charnock. “The point is really to re-test the market.”

Potential managers will bid for a five-year contract.

The property fund, which has an allocation of more than £100,000,000, develops and manages property in Manchester. It recently won agreement to invest in real estate throughout the northwest of England, although it has no immediate target acquisitions.

Real estate makes up 10% of the fund’s overall portfolio.