Derbyshire County Council Pension Fund, Matlock, England, is searching for real estate investment managers to run an existing real estate allocation and to make further real estate investments.
The £3.4 billion ($5.1 billion) pension fund's direct real estate holdings were valued at almost £104 million in March 2014, said a notice on Derbyshire County Council's procurement website. The portfolio holdings are made up of 12 U.K. commercial real estate properties.
The notice said the successful managers' service would include both the operational and financial management of the existing real estate assets, and “the formulation and execution of a strategy to diversify the U.K. real estate portfolio further. The committee is proposing to add a significant cash sum to the direct property asset allocation — the exact figure dependent on the outcome of the fund's current actuarial asset/liability study.”
The contract will run for four years, with the potential for two three-year extensions. The contract will last no longer than 10 years.
The notice said the contract is due to start July 1. Proposals are due April 17. Further information is available on the council's website.
Executives at the pension fund could not be reached for comment by press time.