The £2.5bn South Yorkshire Pension Fund (SYPF) is looking to hire a commercial direct property advisor to manage its £220m UK-based real estate portfolio, according to John Hattersley, fund manager at SYPF.
Hattersley said that the deadline for expressions of interest was July 27, 2001. After that, the fund will contact managers and ask them to submit formal bids by 24 August. Interviews will take place in October, and an appointment is scheduled for the beginning of April, 2002.
The SYPF, which is run by the South Yorkshire Pension Authority, currently has Rreef Property Asset Management as its commercial direct property advisor. He also said that the fund had tendered for a property adviser following a best value review at SYPF, and that Rreef was invited to reapply for the mandate.
Earlier this year Rreef was acquired by Aberdeen Asset Management in a £7.3m deal. Rreef’s acquisition took Aberdeen's total property funds under management to £5.9bn.
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