UK - Staffordshire Pension Fund has hired Jones Lang Lasalle as valuer for its £233.5m (€292m) UK direct property portfolio, replacing Cushman & Wakefield.

Pension fund principal accountant Melanie Stokes said of the tender process: "The criteria are weighted. Fees would have tipped the balance, but there were other criteria involved."

In addition to a 40% weighting towards fees, the assessment criteria included service quality (20%), a firm's track record (20%) and the people managing the mandate (20%).

The pension fund has a property allocation of 8% against a target allocation of 10%.

The fund's largest direct holdings are Southampton's Centurion Park (industrial) valued at £14.2m, along with Oasis Park in Eynsham (office) valued at £13.9m, London offices valued at £13.1m, a retail park in Bletchley valued at £12.2m and central London offices valued at £12.2m.

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