However, the Mines Pension Fund, which Cullabine represented on the board of directors, would keep its 25% stake in Property Fund Managers.

There was speculation yesterday that the Mines Pension Fund would also sell its stake as it had sold its stake in Martprop's management company recently.

Cullabine said yesterday he had accepted a voluntary termination package from the Mines Pension Fund as its trustees had decided to outsource the equity assets managed by the in-house asset management division which he led.

He said management of Mines Pensions Fund's property assets would not be outsourced at this stage.

The Mines Pension Fund is in the process of appointing a chief investment officer.

"I presume he'll be taking my place on Property Fund Managers representing the Mine Pension Fund's interests in due course and will be responsible for the management of the pension fund's property assets including Melrose Arch on my departure," he said.

"I intend retiring, but I believe I have extensive property knowledge and I'd like to seek out opportunities in the property market," he said.

Cullabine was due to leave the Mines Pension Fund at the end of November.

Cullabine also recently resigned from the board of directors of Martprop.

Martprop MD Roger Perkin confirmed that his resignation followed the Mines Pension Fund selling its stake of just under 20% in the property unit trust's management company Marriott Property Fund Managers.

The stake was sold to Marriott Holdings.

Perkin said he believed the primary reason for the Mines Pension Fund selling its management stake was that they had placed all their direct and listed property into property loan stock company Growthpoint, which had a stake in Martprop.

He said he understood the Mine Pension Fund's need to have a direct involvement in the management company of Martprop.