UK - The London Borough of Bexley pension fund is looking for a real estate multi-manager to oversee a 25% increase in its property investments.

The £573m (€650m) local authority scheme said it would consider raising its exposure to around 10% of total scheme assets, envisaging a £50m stake in property.

The scheme said the appointed manager would initially oversee £31m of its assets, with the move coming as part of a decision to diversify its investment universe into alternative assets, such as private equity.

Of the changes to its strategic asset allocation, the fund's latest annual report from March last year said: "The alternatives allocation will be split equally between property, private equity and a diversified growth fund. This will be implemented in stages over the next year or two."

Having already invested an additional £15m in property by the end of March following advice from Jones Lang LaSalle, the scheme in June 2011 then contributed a further £10m towards an undisclosed real estate investment.

Interested parties have until 29 March to apply through the Council's procurement office.