Merseyside Pension Fund saw the net asset value of its property holdings rise from £199m to £210m in the year to 31 March 2010.
The local authority pension fund, managed by Wirral Council on behalf of the five Merseyside boroughs, said its properties performed in line with expectations. Overall the pension fund, including all share and other investments, rose in net asset value by 33% from £3.5bn to £4.7bn over the year.
Cllr Ann McLachlan, Labour councillor in Wirral and chairman of the pensions committee, said: "The financial year ending 31 March 2010 witnessed a sharp rebound by markets from the significant sell-off across the globe, which encompassed most asset classes.
"Having reached low points in March 2009, in reaction to investors' fears over the near failure and rescue of high profile financial institutions worldwide which exacerbated a credit crunch, financial markets rallied strongly, with few setbacks, for the remainder of 2009 and the first quarter of 2010."
Among the assets owned by the fund is the Cunard Building offices in Pier Head, Liverpool.
CB Richard Ellis advises Merseyside Pension Fund.