UK - The £9.6bn (€12bn) Greater Manchester pension fund is seeking a new property management firm to manage part of its real estate portfolio.

Details of the tender notice state the managing agent will look after a commercial real estate portfolio in the North of England of eight properties and 67 tenants, on behalf of the pension fund for Tameside Metropolitan Borough Council employees.

This is only a small part of the fund's direct real estate portfolio, however, as the pension fund's annual report and accounts 2006/07 state the fund at that time had 69 directly-owned portfolio valued at £569m while the indirect portfolio comprised of seven specialist property unit trusts with a value of £148m.

A spokesman for the fund confirmed the exact number of directly-held properties was 65 to the end of December 31, 2007.

The managing agent contract being advertised will run for five years, and will be awarded based on the most economically advantageous tender, where meeting all of the criteria.

Entries must be submitted by August 27, 2008.

Property accounted for £862m, or approximately 9% of the fund's assets in 2006, as the fund also had over £100m in the Greater Manchester Property Venture Fund (GMPVF) - an offering created in 1990 to deliver site acquisitions, building design, direct property development, such as the redevelopment of Elisabeth House, St Peters Square in Manchester - as well as the management of "state of the art" office, retail, leisure, industrial/workshop properties.

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