The West Midlands Pension Fund is inviting fund managers to tender for its £600m UK property mandate, potentially replacing CBRE Global Investors after seven years.
Incumbent manager CBRE Global inherited the original mandate through its 2011 merger with ING REIM. The fund manager’s contract runs out in late September.
In a statement, West Midlands said it is about to commence a process with the Official Journal of the European Union to appoint a discretionary property mandate for its direct holdings. The search is expected to end by mid-July.
A plan to share a tendering framework with another local government pension scheme was submitted at a committee meeting for the fund last year. However, the idea was not taken further due to the funds’ varying respective requirements and timescales.