Global Real Estate Investment Management Services

Global Real Estate Investment Management Services

The Board has issued this notice for the procurement of a panel of managers to invest mainly through regional, multi-sector pooled funds investing in real estate equity in Europe (a minority exposure may tolerated to the UK), Asia Pacific and US.

United Kingdom-Croydon: Financial and insurance services

2013/S 178-307427

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

I.1)Name, addresses and contact point(s)

The Board of the Pension Protection Fund (The Board or the PPF)
Knollys House, 17 Addiscombe Road
For the attention of: Richard Freed
CR0 6SR Croydon
UNITED KINGDOM
Telephone: +44 8456002541
E-mail: richard.freed@ppf.gsi.gov.uk

Internet address(es):

General address of the contracting authority: www.pensionprotectionfund.org.uk

Address of the buyer profile: https://ppf.bravosolution.co.uk/web/login.html

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

Body governed by public law
I.3)Main activity

Other: Pension Protection
I.4)Contract award on behalf of other contracting authorities

The contracting authority is purchasing on behalf of other contracting authorities: no

Section II: Object of the contract

II.1)Description
II.1.1)Title attributed to the contract by the contracting authority:

Investment management services with respect to Global (excluding UK) Real Estate.
II.1.2)Type of contract and location of works, place of delivery or of performance

Services
Service category No 6: Financial services a) Insurances services b) Banking and investment services
NUTS code UK

II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)

The notice involves the establishment of a framework agreement
II.1.4)Information on framework agreement

Framework agreement with several operators
maximum number of participants to the framework agreement envisaged: 12
Duration of the framework agreement

Duration in years: 4
Justification for a framework agreement, the duration of which exceeds four years: The contract term will initially be 4 years with 2 possible extensions of up to 2 years each given the nature of the proposed investment. (4+2+2).

II.1.5)Short description of the contract or purchase(s)

The Board has issued this notice for the procurement of a panel of managers to invest mainly through regional, multi-sector pooled funds investing in real estate equity in Europe (a minority exposure may tolerated to the UK), Asia Pacific and US.
Although the Board is largely considering managers offering core open-ended fund strategies for European and Asia Pacific real estate, it will also consider managers offering higher risk/return, closed-ended, strategies such as value-add and opportunistic fund strategies for part of its allocation in these two regions. The US fund strategies being sought are exclusively of an open-ended core style.
The Board is looking to appoint a panel of Global (excluding UK) Real Estate investment managers during 2013/14. We will be conducting a selection process to identify a range of managers that have demonstrated expertise and experience in each of the specified regions and styles. The ability to offer suitable funds within the minimum fund requirements (as detailed in the Tender) and the quality of the fund offering will be a key requirement in the selection process.
The proportion of PPF assets that may be allocated to Real Estate will depend on the opportunities available at any given time.
Note: to register your interest in this notice and obtain any additional information please visit the Bravo website: https://ppf.bravosolution.co.uk All questions for the Board should be submitted via this portal on the Bravo website. If you have any issues with the Bravo web site please contact their customer support on Freephone: +44 8003684850.

II.1.6)Common procurement vocabulary (CPV)

66000000

II.1.7)Information about Government Procurement Agreement (GPA)

The contract is covered by the Government Procurement Agreement (GPA): yes
II.1.8)Lots

This contract is divided into lots: no
II.1.9)Information about variants

Variants will be accepted: yes
II.2)Quantity or scope of the contract
II.2.1)Total quantity or scope:
II.2.2)Information about options
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion

Starting 1.4.2014. Completion 31.3.2018

Section III: Legal, economic, financial and technical information

III.1)Conditions relating to the contract
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:

Suppliers Instructions How to Express Interest in this Tender~: 1. Register your company on the eSourcing portal (this is only required once) – Browse to the eSourcing Portal: https://ppf.bravosolution.co.uk and click the link to register – Accept the terms and conditions and click ‘continue’ – Enter your correct business and user details – Note the username you chose and click ‘Save’ when complete – You will shortly receive an email with your unique password (please keep this secure) 2. Express an Interest in the tender – Login to the portal with the username/password – Click the ‘PQQs / ITTs Open To All Suppliers’ link. (These are Pre-Qualification Questionnaires or Invitations to Tender open to any registered supplier) – Click on the relevant PQQ/ ITT to access the content. – Click the ‘Express Interest’ button at the top of the page. – This will move the PQQ /ITT into your ‘My PQQs/ My ITTs’ page. (This is a secure area reserved for your projects only) -You can now access any attachments by clicking ‘Buyer Attachments’ in the ‘PQQ/ ITT Details’ box 3. Responding to the tender – Click ‘My Response’ under ‘PQQ/ ITT Details’, you can choose to ‘Create Response’ or to ‘Decline to Respond’ (please give a reason if declining) – You can now use the ‘Messages’ function to communicate with the buyer and seek any clarification – Note the deadline for completion, then follow the onscreen instructions to complete the PQQ/ ITT – There may be a mixture of online and offline actions for you to perform (there is detailed online help available) You must then submit your reply using the ‘Submit Response’ button at the top of the page. If you require any further assistance please consult the online help, or contact the eTendering help desk

III.1.4)Other particular conditions
III.2)Conditions for participation
III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers

Information and formalities necessary for evaluating if the requirements are met: Suppliers Instructions How to Express Interest in this Tender:
1. Register your company on the eSourcing portal (this is only required once)
— Browse to the eSourcing Portal
— Click the ‘Click here to register’ link
— Accept the terms and conditions and click ‘continue’
— Enter your correct business and user details
— Note the username you chose and click ‘Save’ when complete
— You will shortly receive an email with your unique password (please keep this secure)
2. Express an Interest in the tender
— Login to the portal with the username/password
— Click the ‘PQQs/ITTs Open to All Suppliers’ link. (These are Pre-Qualification Questionnaires or Invitations to Tender open to any registered supplier)
— Click on the relevant PQQ or ITT to access the content.
— Click the ‘Express Interest’ button in the ‘Actions’ box on the left-hand side of the page.
— This will move the PQQ/ITT into your ‘My PQQs or My ITTs’ page. (This is a secure area reserved for your projects only)
— Click on the PQQ/ITT code, you can now access any attachments by clicking the ‘Settings and Buyer Attachments’ in the ‘Actions’ box
3. Responding to the tender
— You can now choose to ‘Reply’ or ‘Reject’ (please give a reason if rejecting)
— You can now use the ‘Messages’ function to communicate with the buyer and seek any clarification
— Note the deadline for completion, then follow the onscreen instructions to complete the PQQ/ITT
— There may be a mixture of online and offline actions for you to perform (there is detailed online help available)
If you require any further assistance please consult the online help, or contact the eTendering help desk.
III.2.2)Economic and financial ability
III.2.3)Technical capacity
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts
III.3.1)Information about a particular profession
III.3.2)Staff responsible for the execution of the service

Section IV: Procedure

IV.1)Type of procedure
IV.1.1)Type of procedure

Open
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate

Objective criteria for choosing the limited number of candidates: see Tender
IV.1.3)Reduction of the number of operators during the negotiation or dialogue
IV.2)Award criteria
IV.2.1)Award criteria

The most economically advantageous tender in terms of the criteria stated in the specifications, in the invitation to tender or to negotiate or in the descriptive document
IV.2.2)Information about electronic auction

An electronic auction will be used: no
IV.3)Administrative information
IV.3.1)File reference number attributed by the contracting authority:
IV.3.2)Previous publication(s) concerning the same contract

no
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
IV.3.4)Time limit for receipt of tenders or requests to participate

21.10.2013 – 11:00
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates
IV.3.6)Language(s) in which tenders or requests to participate may be drawn up

English.
IV.3.7)Minimum time frame during which the tenderer must maintain the tender

until: 18.7.2014
IV.3.8)Conditions for opening of tenders

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no
VI.2)Information about European Union funds

The contract is related to a project and/or programme financed by European Union funds: no
VI.3)Additional information

Please take note of the following minimum requirements:
1) All candidates must demonstrate minimum total size for open-ended funds of:
— Europe EUR 250 000 000, Asia-Pacific USD 500 000 000, U.S. USD 7 000 000 000.
All candidates must demonstrate commitments to previous closed-funds of:
— Europe EUR 500 000 000, Asia-Pacific USD 500 000 000.
2) Minimum length of track record for open-ended funds:
— Europe 3 Years, Asia-Pacific 3 Years, U.S. 7 Years
3) Demonstrate prior closed-ended funds from the same firm, in a similar strategy and region:
— Europe at least two prior funds raised, Asia-Pacific at least two prior funds raised.
4) Maximum leverage (loan to value) at end of June 2013 for open-ended funds:
— Europe 37,5 %, Asia-Pacific 40 %, U.S. 30 %.
Maximum leverage (loan to value) at end of June 2013 for prior closed-ended funds:
— Europe 60 % in prior fund following similar strategy, Asia-Pacific 60 % in prior fund following similar strategy
5) Minimum number of properties held for open-ended funds, as at end of June 2013:
— Europe 8 Properties, Asia-Pacific 5 Properties, U.S. 200 properties.
6) Minimum number of sector exposures to office, retail, industrial, residential or other, for open-ended funds:
— Europe 3, Asia-Pacific 2, U.S. 4.
Minimum number of sector exposures in prior fund to office, retail, industrial, residential or other, for closed-ended funds:
— Europe 2, Asia-Pacific 2.
7) Minimum number of country exposures at end June 2013 for open-ended funds:
— Europe 4, Asia-Pacific 3, U.S. 1.
Minimum number of country exposures in prior funds at end June 2013 for closed-ended funds:
— Europe 3, Asia-Pacific 2.
VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:10.9.2013