Purchase of a Discretionary Real Estate Manager
The Pensions and Investment Committee is inviting tenderers from Real Estate Investment Managers who can offer a high quality Discretionary Management Service.
United Kingdom-Matlock: Pension fund management services
Section I: Contracting authority
I.1)Name, addresses and contact point(s)
Derbyshire County Council
Contact point(s): Michelle Smith
For the attention of: Julia Apperley
DE4 3AH Matlock
Telephone: +44 1629536854
General address of the contracting authority: www.derbyshire.gov.uk
Electronic access to information: www.sourcederbyshire.gov.uk
Further information can be obtained from: The above mentioned contact point(s)
Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: The above mentioned contact point(s)
Tenders or requests to participate must be sent to: The above mentioned contact point(s)
I.2)Type of the contracting authority
I.4)Contract award on behalf of other contracting authorities
Section II: Object of the contract
II.1.1)Title attributed to the contract by the contracting authority:
II.1.2)Type of contract and location of works, place of delivery or of performance
Service category No 6: Financial services a) Insurances services b) Banking and investment services
NUTS code UKF1
II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)
II.1.5)Short description of the contract or purchase(s)
The Pensions and Investment Committee is inviting tenderers from Real Estate Investment Managers who can offer a high quality Discretionary Management Service. This service would include both the operational and financial management of the existing property assets and the formulation and execution of a strategy to diversify the UK real estate portfolio further. The Committee is proposing to add a significant cash sum to the direct property asset allocation – the exact figure dependent on the outcome of the Fund’s current Actuarial Asset/ Liability Study. The contract is for an initial period of 4 years, with the possibility of an extension for two periods of three years thereafter. For the avoidance of doubt the contract will be no longer than ten years as a maximum.
For many years, Derbyshire County Council Pension Fund’s real estate assets have been managed on an advisory basis. By transferring this to a discretionary mandate, the Pensions and Investment Committee is seeking a provider who has sufficient resources and expertise to maximise the return from the existing assets and who can transact sales and acquisitions to improve the overall investment performance. The Committee is also seeking a provider who can maintain a reliable and professional relationship with the Committee and all other stakeholders over the term of the contract.
It is anticipated that the successful applicant will coordinate with the existing provider and the Derbyshire in-house investment team to agree Service Levels, Acceptance Testing arrangements and an Exit Plan, when requested by the Council. Any Additional Services likely to be required by the Council, commensurate to the Services set out in this agreement, will also be detailed.
In addition the provider will be expected to propose an initial Business Plan for each direct real estate agent and the initial strategy for future diversification of the portfolio.
This contract is not open to other local authorities.
II.1.6)Common procurement vocabulary (CPV)
II.1.7)Information about Government Procurement Agreement (GPA)
II.2.2)Information about options
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion
Section III: Legal, economic, financial and technical information
III.1.1)Deposits and guarantees required:
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:
III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:
III.1.4)Other particular conditions
III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers
III.2.2)Economic and financial ability
Minimum level(s) of standards possibly required: As stated in the original tender documents.
As stated in the original tender documents.
Minimum level(s) of standards possibly required:
As stated in the original tender documents.
III.3.1)Information about a particular profession
Reference to the relevant law, regulation or administrative provision: Providers must be registered in term of the UK Financial Services and markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension schemes. Proof of registration must be provided.
III.3.2)Staff responsible for the execution of the service
Section IV: Procedure
IV.1.1)Type of procedure
IV.1.3)Reduction of the number of operators during the negotiation or dialogue
The most economically advantageous tender in terms of the criteria stated below
1. Technical assessment. Weighting 70
2. Price. Weighting 30
IV.2.2)Information about electronic auction
Additional information about electronic auction:
IV.3.1)File reference number attributed by the contracting authority:
IV.3.2)Previous publication(s) concerning the same contract
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate
IV.3.6)Language(s) in which tenders or requests to participate may be drawn up
IV.3.7)Minimum time frame during which the tenderer must maintain the tender
IV.3.8)Conditions for opening of tenders
Date: 17.4.2015 – 11:00
Persons authorised to be present at the opening of tenders: yes
Additional information about authorised persons and opening procedure: Senior officers of Derbyshire County Council.
Section VI: Complementary information
VI.1)Information about recurrence
VI.2)Information about European Union funds
VI.5)Date of dispatch of this notice: