Greater Manchester Pension Fund, Manchester, England, rehired GVA Grimley to run its real estate venture fund, said Russell Page, principal legal officer, pensions, at Tameside Metropolitan Borough Council, which administers the pension fund.
The £10.5 billion ($17 billion) pension fund’s allocation to the fund is in excess of £300 million, Mr. Page said.
Through the Greater Manchester Pension Venture Fund, the pension fund makes its real estate investments by a process of site acquisition, building design, direct real estate development and real estate letting and management, according to the pension fund’s 2014 annual report.
An RFP was issued in February.
“We are pleased to continue the relationship with GVA as the investment managers for GMPVF following a close and competitive selection process,” said Kieran Quinn, leader of Tameside Council and chair of GMPF, in a news release on GVA’s website.
For the year ended Dec. 31, 2013, the pension fund’s total real estate portfolio, to which 10% of assets are allocated, generated a 12.3% return, according to the annual report.
