The Royal Borough of Kensington and Chelsea (RBKC) Pension Fund is seeking to appoint investment advisers and managers for a 15% real estate allocation.

According to the EU tender service TED, Westminster City Council is looking to establish interest in the market on behalf of the pension fund before putting out a formal tender.

If it decides to go ahead with a tender, the council said it would issue a separate notice, expected to go out on 3 March 2017.

Westminster City Council said the RBKC pension fund was planning to diversify its current investment portfolio and invest 15 % of its assets into direct commercial property holdings.

The pension fund might keep internal resources to work alongside external advisers or fully outsource the required services, it said.

Westminster City Council is looking for a property investment adviser and manager to provide various services, including “advice on property strategy and formulating a model diversified UK property portfolio with high income yield”.

It is also looking for help with “property search and acquisitions”, “advice and support on day-to-day management of the property portfolio, and “advice on enhancing the value and returns of the property holdings”.