The Merseyside Pension Fund has retained CBRE as its operational property manager.
The £6.8bn (€9.24bn) Merseyside Pension Fund reappointed the manager, according to documents filed with the EU.
The move follows the recent reappointment of CBRE to advise on its nearly £400m property portfolio as strategic property adviser.
The local government pension scheme tendered for a new manager last year, on a 6-10 year contract.
CBRE is reviewing the UK property portfolio’s investment strategy.
The new property manager is running the day-to-day operations for Merseyside’s portfolio that includes shopping centres in the South East of England, a business park and a building in London’s Mayfair district.
CBRE was initially awarded a four-year contract to run its portfolio in 2009, replacing Savills, before then being given a two-year extension.
Separately, Savills has been appointed as valuer of the pension fund’s direct property portfolio for five years, with an option to extend for a further five years.
The contract began last month.