Hythe Wirral Waters
The Merseyside Pension Fund invested £8.5m in Peel L&P's Wirral Waters last year

Pension funds select firms for £12m framework 

Dan Whelan

The Greater Manchester, Merseyside and West Yorkshire pension funds have appointed 27 companies to provide services across their combined £46bn property portfolio, including management and valuations, to enable “a more cost-effective approach”.

Full list of firms below 

Formerly known as Northern Pool, the three pension funds are known collectively as the Northern LGPS – the largest of the eight Local Government Pension Scheme pools, and has combined assets under management of £46bn. 

The assets include stakes in the £1bn Airport City in Manchester, a project being delivered in joint venture with Beijing Construction Engineering Group International and Manchester Airports Group, and Hythe, a 34,000 sq ft office block and 70,000 sq ft logistics scheme at Wirral Waters, Merseyside. 

The Northern LGPS Property Framework was procured by Star Procurement and is valued at £12m across six lots, aiming to cut the costs of collective portfolio management, according to a tender document. The framework will run until 2027. 

The appointed firms for each lot are: 

Lot 1 – management of a discretionary UK direct property portfolio investing predominantly in core property: 

  • AEW UK Investment Management 
  • Aviva Investors Global Services 
  • CBRE Global Investors 
  • DTZ Investors UK  
  • Hermes Investment Management 
  • La Salle Investment Management 
  • Legal and General Investment Management 
  • M&G Real Estate 
  • Mayfair Capital Investment Management 
  • PGIM Real Estate 
  • Schroder Real Estate Investment Management 
  • UBS Asset Management 

 Lot 2 – management of an advisory UK direct property portfolio investing predominantly in core property: 

  • Aberdeen Standard Investments 
  • BNP Paribas Real Estate Advisory and Property Management UK 
  • CBRE Indirect Investment Services 
  • DTZ Investors UK 
  • La Salle Investment Management 
  • Mayfair Capital Investment Management 
  • Schroder Real Estate Investment Management 

Lot 3 – property management services on a UK property portfolio: 

  • Avison Young 
  • BNP Paribas Real Estate Advisory and Property Management UK 
  • CBRE 
  • Cushman and Wakefield Debenham Tie Leung 
  • Knight Frank 
  • Savills 
Holiday Inn And Ibis At Airport City

The GMPF is delivering the £1bn airport City alongside Manchester Airports Group and BCEGI

Lot 4 – advisory of management and consultancy services in relation to a regional investment portfolio focused on the North West of England and West Yorkshire: 

  • APAM 
  • Avison Young  
  • CBRE 
  • Cushman and Wakefield Debenham Tie Leung 

Lot 5 – property valuation services, potentially on a range of UK property portfolios, ranging in size from £300m to £1bn: 

  • Avison Young
  • BNP Paribas Real Estate Advisory and Property Management UK 
  • CBRE  
  • Colliers International Property Consultants 
  • Cushman and Wakefield Debenham Tie Leung 
  • Savills 

Lot 6 – management of a portfolio of UK properties deemed to require intensive asset management, for example, longstanding vacancy, refurbishment/capital expenditure risk, short WAULTs with renewal risk: 

  • AEW UK Investment Management 
  • APAM 
  • CBRE 
  • Threadneedle Asset Management 
  • Fiera Real Estate UK 
  • Praxis 
  • Schroder Real Estate Investment Management 
  • UBS Asset Management 

During the procurement process, which began last May, Tameside Council acted as administrating authority for the Greater Manchester Pension Fund, while Wirral Council acted for the Merseyside Pension Fund and the City of Bradford Council acted for West Yorkshire Pension Fund. 

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