Tender for Pension Investment Services

Tender for Pension Investment Services

Lot 1: is for the management of a discretionary UK direct property portfolio investing predominantly in core property, mostly on an unleveraged basis.

United Kingdom-Droylsden: Pension investment services

2020/S 091-218513

Contract notice

Services

Legal Basis:

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

Official name: Tameside Metropolitan Borough Council acting as administrating authority for the Greater Manchester Pension Fund
Postal address: Guardsman Tony Downes House, 5 Manchester Road
Town: Droylsden
NUTS code: UK
Postal code: M43 6SF
Country: United Kingdom
Contact person: Natalie McCarthy
E-mail: Natalie.McCarthy@star-procurement.gov.uk
Telephone: +44 1619121616
Internet address(es):Main address: http://www.tameside.gov.uk/

Address of the buyer profile: http://www.star-procurement.gov.uk/

I.1)Name and addresses

Official name: Wirral Council acting as administrating authority for the Merseyside Pension Fund
Postal address: Castle Chambers, 43 Castle Street
Town: Liverpool
NUTS code: UK
Postal code: L2 9SH
Country: United Kingdom
Contact person: Natalie McCarthy
E-mail: Natalie.McCarthy@star-procurement.gov.uk
Telephone: +44 1619121616
Internet address(es):Main address: https://www.wirral.gov.uk/

Address of the buyer profile: https://www.wirral.gov.uk/

I.1)Name and addresses

Official name: City of Bradford District Council acting as administrating authority for the West Yorkshire Pension Fund
Postal address: Aldermanbury House, 4 Godwin Street
Town: Bradford
NUTS code: UK
Postal code: BD1 2ST
Country: United Kingdom
Contact person: Natalie McCarthy
E-mail: Natalie.McCarthy@star-procurement.gov.uk
Telephone: +44 1619121616Internet address(es):Main address: https://www.bradford.gov.uk/

Address of the buyer profile: https://www.bradford.gov.uk/

I.2)Information about joint procurement

The contract involves joint procurement
The contract is awarded by a central purchasing body

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: www.the-chest.org.uk
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: www.the-chest.org.uk

I.4)Type of the contracting authority

Regional or local authority

I.5)Main activity

General public services

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Northern LGPS Property Framework

Reference number: DN470007

II.1.2)Main CPV code

66131100

II.1.3)Type of contract

Services

II.1.4)Short description:

Lot 1: is for the management of a discretionary UK direct property portfolio investing predominantly in core property, mostly on an unleveraged basis.

Lot 2: is for the management of an advisory UK direct property portfolio investing predominantly in core property, mostly on an unleveraged basis.

Lot 3: is to provide property management services on a UK property portfolio (that is predominantly invested in core property on an unleveraged basis).

Lot 4: is to appoint an advisor of management and consultancy services in relation to a regional investment portfolio focused on the North West of England and West Yorkshire. The successful advisor will be expected to make recommendations to the member Funds within the Pool.

Lot 5 is to provide property valuation services, potentially on a range of UK property portfolios, ranging in size from cGBP 300 000 000 to over GBP 1 000 000 000.

Lot 6 is for the management of a portfolio of UK properties deemed to require intensive asset management, for example, longstanding vacancy, refurbishment/capital expenditure risk, short WAULTs with renewal risk.

II.1.5)Estimated total value

Value excluding VAT: 12 000 000.00 GBP

II.1.6)Information about lots

This contract is divided into lots: yes
Tenders may be submitted for all lots
II.2)Description

II.2.1)Title:

1: UK Property Discretionary Mandate

Lot No: 1

II.2.2)Additional CPV code(s)

66131000
66140000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 1 is for the management of a discretionary UK direct property portfolio investing predominantly in core property, mostly on an unleveraged basis.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 4 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

II.2)Description

II.2.1)Title:

2: UK Property Advisory Mandate

Lot No: 2

II.2.2)Additional CPV code(s)

66131100
66140000
66141000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 2 is for the management of an advisory UK direct property portfolio investing predominantly in core property, mostly on an unleveraged basis.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 2 500 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

II.2)Description

II.2.1)Title:

3: UK Property Management Mandate

Lot No: 3

II.2.2)Additional CPV code(s)

66141000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 3 is to provide property management services on a UK property portfolio (that is predominantly invested in core property on an unleveraged basis).

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 600 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

II.2)Description

II.2.1)Title:

4: Regional Property Advisory Mandate

Lot No: 4

II.2.2)Additional CPV code(s)

66140000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 4 is to appoint an advisor of management and consultancy services in relation to a regional investment portfolio focused on the North West of England and West Yorkshire. The successful advisor will be expected to make recommendations to the member Funds within the Pool.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 3 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

II.2)Description

II.2.1)Title:

5: UK Property Valuer Mandate

Lot No: 5

II.2.2)Additional CPV code(s)

66140000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 5 is to provide property valuation services, potentially on a range of UK property portfolios, ranging in size from cGBP 300 000 000 to over GBP 1 000 000 000.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 375 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

II.2)Description

II.2.1)Title:

6: UK property Asset Management Mandate

Lot No: 6

II.2.2)Additional CPV code(s)

66140000
66523000
70332000
71315200
79000000

II.2.3)Place of performance

NUTS code: UK

II.2.4)Description of the procurement:

Lot 6 is for the management of a portfolio of UK properties deemed to require intensive asset management, for example, longstanding vacancy, refurbishment/capital expenditure risk, short WAULTs with renewal risk.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 1 200 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84
This contract is subject to renewal: yes
Description of renewals:

The framework agreement is likely to be renewed upon its expiry.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no

II.2.14)Additional information

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation
III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents
III.1.5)Information about reserved contracts
III.2)Conditions related to the contract
III.2.1)Information about a particular profession
III.2.2)Contract performance conditions:
III.2.3)Information about staff responsible for the performance of the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Open procedure

IV.1.3)Information about a framework agreement or a dynamic purchasing system

The procurement involves the establishment of a framework agreement
Framework agreement with several operators
Envisaged maximum number of participants to the framework agreement: 50
In the case of framework agreements, provide justification for any duration exceeding 4 years:

The framework agreement is being put in place for 7 years due to the need to ensure long term relationships and investments are made for the named Contracting Authorities in order to maximise the benefits of the results of the framework agreement and ensure the Contracting Authorities obtain Best Value. An agreement of a shorter length would jeopardise the Contracting Authorities abilities to obtain best value from their investments and maximising the benefit of a 7 year relationship with the appointed suppliers.

IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: yes
IV.2)Administrative information
IV.2.1)Previous publication concerning this procedure

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 03/07/2020
Local time: 17:00
IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English

IV.2.6)Minimum time frame during which the tenderer must maintain the tender

Duration in months: 6 (from the date stated for receipt of tender)

IV.2.7)Conditions for opening of tenders

Date: 03/07/2020
Local time: 17:00

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: yes
Estimated timing for further notices to be published:

Roughly 1 year before the natural expiry of the framework agreement.

VI.2)Information about electronic workflows

VI.3)Additional information:

The value indicated is the absolute maximum over the potential 7 years framework agreement duration. The value provided for each lot is an estimate only and no guarantee can or will be made of the expected value of each lot. Expenditure in one lot may have an effect on the expenditure in another lot depending on how the assets are allocated, and so the final value may be significantly below that advertised. The value also depends on the take up of each Fund. In any event, the ultimate value over the 7-year framework agreement duration will depend on future investment decisions and market returns.

VI.4)Procedures for review

VI.4.1)Review body

Official name: STAR Procurement
Postal address: c/o Waterside House, Waterside Plaza
Town: Sale
Postal code: M33 7ZF
Country: United Kingdom
VI.4.2)Body responsible for mediation procedures

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:

The contracting authority will incorporate a minimum 10 calendar day standstill period at the point information on the award of the framework agreement is communicated to tenderers. This period allows unsuccessful tenderers to seek further debriefing from the contracting authority before the agreement is entered into.

If an appeal regarding the award of the agreement has not been successfully resolved the Public Contracts Regulations 2015 (No. 102) provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern Ireland). Any such action must be brought promptly within 30 days of when the aggrieved party knew, or ought to have known, of the perceived breach.

Where an agreement has not been entered into the court may order setting aside of the award decision or order the authority to amend any document and may award damages. If the agreement has been entered into the court may award damages and/or shorten or order the agreement ineffective.

VI.4.4)Service from which information about the review procedure may be obtained

Official name: Royal Courts of Justice
Postal address: The Strand
Town: London
Postal code: WC2A 2LL
Country: United Kingdom

VI.5)Date of dispatch of this notice:

07/05/2020