Council pension fund stays with CBRE

CB Richard Ellis has been reappointed to manage the £260m Merseyside Pension Fund property portfolio.

The fund, administered by Wirral Council, invests on behalf of thousands of workers and retired staff from the five Merseyside councils and smaller public organisations.

Among its property assets is the Cunard Building at Liverpool's Pier Head. Property makes up less than 10% of MPF's £4bn managed assets. The property portfolio saw a 25% dive in value in the year to April 2009.

CBRE won the £50,000-a-year contract after a competitive tender process. The contract will start from 1 January 2010 and run for four years, with an option to extend for two years.

The client and agent teams won't have far to go for meetings: CBRE's Liverpool office is based in the same building as the pension fund, Castle Chambers, 43 Castle Street, which is also owned by the fund. The building recently underwent a major refurbishment with a San Carlos restaurant opening on the ground floor.