UK - The Tameside Metropolitan Borough Council has issued a tender for an independent valuer for the property portfolio of the Greater Manchester pension fund.
The £8.5bn Greater Manchester pension fund’s directly owned property portfolio comprised of 72 properties valued at £525m, and its indirect property portfolio included six specialist property unit trusts with a value of £108m, according to the last 2006 annual report.
The annual report said the directly owned portfolio is well diversified by sector and geography, and contains high street shops, small shopping centres, retail warehouses, town centre offices, business park offices and industrial properties.
The pension fund is also comprised of the Greater Manchester Property Venture Fund (GMPVF), which has a financial allocation in excess of £100m and creates property investments by a process of site acquisition, building design, direct property development and property letting/management.
A spokesperson from the fund said the portfolio was valued every year and it was part of a retendering exercise for valuers.
The deadline for submissions is 25 October.
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