The Teesside Pension Fund is looking for a new manager for its £107 million direct property portfolio, IPE reports. The selected candidate will take over the responsibilities from LV Asset Management, which has merged with Threadneedle.

The non-discretionary five-year contract will involve constructing and managing the £2.37 billion pension scheme’s direct property portfolio. The selected firm will also offer operational management of the assets, which make up 4 percent of the overall scheme and return £7 million annually in rental income.

Click here for the story from IPE.