The £2.4 billion (€2.8 billion) Teesside Pension Fund, a UK pension plan, has hired CBRE to manage the expansion of its direct property portfolio, which is currently valued at £107 million (€126 million) or approximately 4 percent of total assets.

The pension fund is increasing its overall target real estate allocation from 6.5 percent to 10 percent. Most of the increase is expected to come on the direct property side.