Appointment of Pension Fund Manager - Real Estate Debt

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-r6ebe6-0000567322-2018-12-18T00:00:00Z",
    "date": "2018-12-18T00:00:00Z",
    "ocid": "ocds-r6ebe6-0000567322",
    "initiationType": "tender",
    "parties": [
        {
            "id": "org-31",
            "name": "Glasgow City Council as the administering authority for the Strathclyde Pension Fund",
            "identifier": {
                "legalName": "Glasgow City Council as the administering authority for the Strathclyde Pension Fund"
            },
            "address": {
                "streetAddress": "Strathclyde Pension Fund Office, PO Box 27001",
                "locality": "Glasgow",
                "region": "UKM82",
                "postalCode": "G2 9EW"
            },
            "contactPoint": {
                "name": "Richard Keery",
                "email": "richard.keery@fs.glasgow.gov.uk",
                "telephone": "+44 1412877398",
                "faxNumber": "+44 1412877358",
                "url": "https://Strathclyde2018REDebtSearch@hymans.co.uk"
            },
            "roles": [
                "buyer",
                "centralPurchasingBody"
            ],
            "details": {
                "classifications": [
                    {
                        "id": "Regional or local authority",
                        "scheme": "TED_CA_TYPE"
                    },
                    {
                        "id": "04",
                        "description": "Economic affairs",
                        "scheme": "COFOG"
                    }
                ],
                "url": "http://www.spfo.org.ukuk"
            }
        },
        {
            "id": "org-32",
            "name": "Hymans Robertson LLP",
            "address": {
                "streetAddress": "20 Waterloo Street",
                "locality": "Glasgow",
                "region": "UKM82",
                "postalCode": "G2 6DB"
            },
            "contactPoint": {
                "name": "Claire Cairney",
                "email": "Strathclyde2018REDebtSearch@hymans.co.uk",
                "telephone": "+44 1415667746",
                "url": "https://Strathclyde2018REDebtSearch@hymans.co.uk"
            },
            "roles": [
                "processContactPoint"
            ]
        },
        {
            "id": "org-33",
            "name": "Glasgow City Council",
            "identifier": {
                "legalName": "Glasgow City Council"
            },
            "address": {
                "locality": "Glasgow",
                "postalCode": "G2 9EW"
            },
            "contactPoint": {
                "url": "http://www.spfo.org.uk"
            },
            "roles": [
                "reviewBody"
            ]
        }
    ],
    "buyer": {
        "name": "Glasgow City Council as the administering authority for the Strathclyde Pension Fund",
        "id": "org-31"
    },
    "tender": {
        "id": "ocds-r6ebe6-0000567322",
        "title": "Appointment of Pension Fund Manager - Real Estate Debt",
        "description": "Glasgow City Council, as administering authority to the Strathclyde Pension Fund, is seeking to appoint an investment manager, or managers, to manage a real estate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. A segregated solution may be considered however, the manager must also have an appropriate pooled fund or funds for consideration",
        "status": "active",
        "items": [
            {
                "id": "1",
                "deliveryLocation": {
                    "description": "Strathclyde"
                },
                "deliveryAddresses": [
                    {
                        "region": "UKM82"
                    }
                ],
                "relatedLot": "1"
            }
        ],
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure",
        "mainProcurementCategory": "services",
        "submissionMethod": [
            "electronicSubmission"
        ],
        "submissionMethodDetails": "https://Strathclyde2018REDebtSearch@hymans.co.uk",
        "tenderPeriod": {
            "endDate": "2019-01-17T12:00:00Z"
        },
        "awardPeriod": {
            "startDate": "2019-01-17T12:00:00Z"
        },
        "documents": [
            {
                "id": "DEC340583",
                "documentType": "contractNotice",
                "title": "Appointment of Pension Fund Manager - Real Estate Debt",
                "description": "Glasgow City Council, as administering authority to the Strathclyde Pension Fund, is seeking to appoint an investment manager, or managers, to manage a real estate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. A segregated solution may be considered however, the manager must also have an appropriate pooled fund or funds for consideration",
                "url": "https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340583",
                "format": "text/html"
            },
            {
                "id": "DEC340583-1",
                "title": "4C1.2 Technical and Professional Capability",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=1",
                "datePublished": "2018-12-20T12:48:06Z",
                "dateModified": "2018-12-20T12:48:06Z",
                "format": "application/vnd.openxmlformats-officedocument.wordprocessingml.document"
            },
            {
                "id": "DEC340583-2",
                "title": "ITT",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=2",
                "datePublished": "2018-12-20T12:48:06Z",
                "dateModified": "2018-12-21T11:22:43Z",
                "format": "application/msword"
            },
            {
                "id": "DEC340583-3",
                "title": "Template IMA",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=3",
                "datePublished": "2018-12-20T12:48:06Z",
                "dateModified": "2018-12-20T12:48:06Z",
                "format": "application/vnd.openxmlformats-officedocument.wordprocessingml.document"
            },
            {
                "id": "DEC340583-4",
                "title": "ITT",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=4",
                "datePublished": "2018-12-21T11:22:43Z",
                "dateModified": "2018-12-21T11:22:43Z",
                "format": "application/msword"
            },
            {
                "id": "DEC340583-5",
                "title": "ESPD - Real Estate Debt",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=5",
                "datePublished": "2019-01-03T09:43:07Z",
                "dateModified": "2019-01-03T09:43:07Z",
                "format": "application/pdf"
            },
            {
                "id": "DEC340583-6",
                "title": "Freedom of Information Certificate",
                "url": "https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=6",
                "datePublished": "2019-01-08T07:59:59Z",
                "dateModified": "2019-01-08T07:59:59Z",
                "format": "application/vnd.openxmlformats-officedocument.wordprocessingml.document"
            }
        ],
        "lots": [
            {
                "id": "1",
                "description": "Glasgow City Council, as administering authority to the Strathclyde Pension Fund is seeking to appoint an investment manager to manage a real estate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. A segregated solution may be considered however, the manager must also have an appropriate pooled fund or funds for consideration. The mandate will be focussed on a combination senior secured direct and whole loans, lending against commercial real estate in the UK and/or Europe. The overall portfolio would be viewed as equivalent to sub-investment grade credit risk. The strategy will primarily include senior debt on value-add properties and also can include whole loans on good quality assets, with potential for limited opportunistic allocations to mezzanine/junior debt. The expected returns on the mandate would be in the region of LIBOR plus 4-5% p.a. net of fees and costs. The mandate size will range between GBP200m and GBP500m depending on how it combines with other debt mandates. Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate.",
                "status": "active",
                "awardCriteria": {
                    "criteria": [
                        {
                            "type": "quality",
                            "name": "People",
                            "description": "10"
                        },
                        {
                            "type": "price",
                            "description": "20"
                        }
                    ]
                },
                "hasOptions": false,
                "submissionTerms": {
                    "variantPolicy": "notAllowed"
                },
                "contractPeriod": {
                    "durationInDays": 1800
                },
                "hasRenewal": true,
                "renewal": {
                    "description": "The contract will commence on the Commencement Date as detailed in the Investment Management Agreement (\"IMA\") and shall continue in full force and effect until terminated in accordance with the terms of the IMA. Please refer to Clauses 25 and 26 of the IMA for full details."
                }
            }
        ],
        "bidOpening": {
            "date": "2019-01-17T12:00:00Z"
        },
        "coveredBy": [
            "GPA"
        ],
        "selectionCriteria": {
            "criteria": [
                {
                    "type": "suitability",
                    "description": "Please refer to Section 3 - Exclusion - of the ESPD in relation to this section."
                },
                {
                    "type": "economic",
                    "description": "Please provide details of your firm's assets as at 31 December for each of the last 5 years. Details should include Total Group assets under management, Total Assets managed on behalf of UK Pension Funds and Total Real Estate Debt Assets (i.e. commitments to you). All details should be shown in GBPm.",
                    "minimum": "The Manager shall at its own cost effect and maintain the following insurances with a reputable insurance company:- Employer's Liability Insurance in the sum of not less than GBP10 million for any one incident and unlimited in total; Public liability insurance in the sum of not less than GBP5 million for any one incident and unlimited in total; and In relation to the management of the Portfolio, Professional Indemnity cover to not less than GBP20 million for any one event and unlimited in the total. The Manager's Professional Indemnity cover shall include cover against losses resulting from a breach of GDPR by the Manager and fines and penalties issued by the Information Commissioner. Such insurance shall be maintained for the Term and for a minimum of 3 years thereafter. The Manager's Professional Indemnity cover shall include cover against losses resulting from a breach of GDPR by the Manager and fines and penalties issued by the Information Commissioner. The Manager shall give the Client, on an annual basis, copies of all insurance policies referred to in this Clause or a broker's verification of insurance to demonstrate that the appropriate cover is in place, together with receipts or other evidence of payment of the latest premiums due under those policies. If, for whatever reason, the Manager fails to give effect to and maintain the insurances required by the provisions of the Agreement the Client may make alternative arrangements to protect its interests and may recover the costs of such arrangements from the Manager. The provisions of any insurance or the amount of cover shall not relieve the Manager of any liabilities under the Agreement. This Clause shall survive termination of this Agreement."
                },
                {
                    "type": "technical",
                    "description": "Please refer to Question 4C.1/4C1.2 to find details of the Technical , Professional and Capability criteria required for this mandate."
                }
            ]
        },
        "submissionTerms": {
            "languages": [
                "en"
            ]
        },
        "classification": {
            "id": "66141000",
            "scheme": "CPV"
        },
        "reviewDetails": "Glasgow City Council (\"the Council\") must, by notice in writing as soon as possible after the decision has been made, inform all tenderers and candidates concerned of its decision to award the contract, conclude the framework agreement or establish a dynamic purchasing system. The Council must allow a period of at least the relevant standstill period (where the notice is sent by facsimile or electronic means the period is 10 days ending at midnight at the end of the 10th day after that on which the notice was last sent, when sent by other means the period is 15 days) to elapse between the date of despatch of the notice referred to in Regulation 85(1) of the Public Contracts (Scotland) Regulations 2015 (\"the Regulations\"). The Council is obliged to comply with the Regualtions and any eligible economic operator can bring an action in the Sheriff Court or the Court of Session where as a consequence of a breach by the Council, suffers or risks suffering loss or damage. The bringing of court proceedings during the standstill period means that the Council must not enter into the contract, conclude the framework agreement or establish the dynamic purchasing system unless the proceedings are determined, discontinued or disposed of; or the court, by interim order, brings to en end the prohibition. The bringing of court proceedings after the standstill period has elapsed and the remedies that are available tot he courts are detailed in the Regulations. Economic Operators can write to the Council seeking further clarification on the Notice, to which the Council must respond within 15 days. Economic Operators should be mindful to seek their own independent legal advice when they consider appropriate to do so.",
        "hasRecurrence": false,
        "legalBasis": {
            "id": "32014L0024",
            "scheme": "CELEX"
        }
    },
    "language": "EN",
    "description": "NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=567322. The Contracting Authority does not intend to include a sub-contract clause as part of community benefits (as per Section 25 of the Procurement Reform (Scotland) Act 2014) in this contract for the following reason: Not applicable. The Contracting Authority does not intend to include any community benefit requirements in this contract for the following reason: Community Benefits do not apply to the services being provided. (SC Ref:567322)",
    "links": [
        {
            "rel": "canonical",
            "href": "https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000567322"
        }
    ],
    "noticetype": "OJEU - F2 - Contract Notice"
}