Derbyshire County Council Pension Fund has awarded Colliers a mandate to manage its real estate portfolio.
The UK pension fund chose Colliers to manage a 拢104m (鈧�146.6m) portfolio of 12 UK commercial real estate assets.
Colliers replaces Keneth Peters & Co, which, according to the pension fund鈥檚 2014 annual report, managed its direct property portfolio.
The fund鈥檚 12 commercial real estate assets 鈥� all in the UK and mainly in London 鈥� were managed on an advisory basis.
The management contract will include operational and financial management of existing property assets and the formulation and execution of a strategy to diversify the fund鈥檚 UK real estate portfolio.
The contract, worth 拢3.5m, is for an initial four-year period, with the possibility of an extension for two periods of three years.
Derbyshire increased its allocation to real estate while tendering for a new manager .
The UK pension fund, administered by Derbyshire County Council, is looking to add a 鈥渟ignificant cash sum鈥� to its direct real estate allocation.
The exact amount is still being decided by Derbyshire, which has 拢3.4bn of assets under management.
Previous pension fund documents suggest an increase of 拢50m to direct property investment, up from 4.8% towards its ultimate aim of 6.8%.
Derbyshire has indirectly invested in property funds managed by , BlackRock, and , as well as Unite鈥檚 UK Student Accommodation fund.
