Staffordshire Pension Fund is tendering a mandate to manage its £300m (€382m) core property portfolio in the UK.

The £3bn local authority pension scheme, whose current property manager is Colliers, is mainly invested in UK property.

A 20% maximum allocation to indirect European real estate is also part of the mandate, according to documents filed with the official EU contract tenders service TED.

Staffordshire had a 7.7% allocation to real estate, according to the fund’s last annual report, published in 2013 for the 2012-13 financial year. At 3.2%, returns from property were above the fund’s benchmark 2.6%.

During the 2012-13 financial year, the fund did not sell any existing properties. Its portfolio includes offices in London, Leeds and Dover.

The returns offered by commercial property (in the form of rents) were, the fund said at the time, likely to remain at a “constrained level” until the UK began to enjoy a broad-based recovery and decrease in the number of empty units.

In the past, Staffordshire has used JLL and Cushman & Wakefield as valuers of its UK property portfolio.