GM fund’s £1m valuation work comes to market

Tameside Council, administering authority of the Greater Manchester Pension Fund, has started procuring an independent valuer for the fund's property portfolio for the next five years.

The budget for the five-year contract is £1m and the work has an estimated start date of 1 June 2015.

La Salle Investment Management was appointed to a £750m mandate to build the real estate investment portfolio within the £13bn fund in August 2014.

The independent valuations in recent years were carried out by Deloitte Real Estate, which valued the GMPF property portfolio of 52 directly owned holdings and eight indirectly owned holdings at £488m at the end of 2013. The portfolio includes UK and overseas assets.

The GMPF property portfolio is separate from the development arm, Greater Manchester Property Venture Fund, which is managed by GVA.

The deadline for expressions of interest from valuers is midday on 30 April.

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