Avon Pension Fund, Bristol, England, issued RFPs for at least one manager to run two active real estate portfolios with a combined value of about £250 million ($486 million), said Tony Worth, investment officer. The new mandates represent the £2.2 billion funds initial foray into real estate, to be divided evenly between a U.K. portfolio and an overseas strategy. The timing will depend on what the market does, Mr. Worth said in a telephone interview. The timing is fluid at the moment.
Funding will come from a multiasset portfolio managed by BGI, where the money was parked after a previous termination. Proposals are due March 10. Managers are scheduled to be appointed in the second quarter. Further information can be obtained from consultant bfinance.