REAL ESTATE – The £1.5bn (€2.2bn) West Sussex County Council Pension Fund is reviewing its property mandate with Cushman & Wakefield Investors due to contract expiry.

"The council is reviewing the arrangements for the management of its target investment in property for the West Sussex pension fund," the Chichester-based council said in a tender document.

Cushman has run real estate for the scheme since 1980 and was re-appointed in October 2003 following a review.

"The contract is for the supply of direct and indirect property management services for the county council’s pension fund assets currently managed by Cushman & Wakefield, valued at just over £125m," the council added.

The manager will develop the investment strategy and manager the portfolio and negotiate sales and purchase in accordance with the Council’s investment strategy. At stake is a four-year contract.

The fund has a long-term target allocation of 10% to property.

The tender states that between three and six operators will be invited to tender. The deadline for tendering is May 21.

The fund also plans a procurement exercise this year for private equity, meaning incumbent supplier Pantheon Ventures will face review.