UK - The Lothian Pension Fund (LPF) has launched a search for an investment manager to run a £380m property mandate.
The property mandate for the £2.9bn fund is currently managed by Standard Life Investments.
It currently comprises of 27 directly held freehold properties in the UK making up approximately 75% of the overall property exposure. The remaining property assets are invested in indirectly in the Henderson Shopping Centre Fund, the Standard Life European Property Growth Fund and the Standard Life Select Property Fund.
The organisation said its fund’s contract with Standard Life was due to expire on 31 March 2008 and it was fund policy to always tender at the end of a contract, thereby enabling Standard Life to be considered against other potential managers.
The new mandate will comprise of the UK direct investments managed on a discretionary basis together, with indirect property exposure, including investment overseas.
Its performance target will be subject to discussion with the potential managers and is expected to be in excess of 1% per annum above the IPD Annual Index net of fees.
The deadline for expressions of interest is 15 October 2007 with an appointment expected to be made by April 2008.
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