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Appointment of Pension Fund Manager - Real Estate Debt

Glasgow City Council as the administering authority for the Strathclyde Pension Fund

This public procurement record has 1 release in its history.

Tender

18 Dec 2018 at 00:00

OJEU - F2 - Contract Notice
Summary of the contracting process

The procurement process involves the Glasgow City Council as the administering authority for the Strathclyde Pension Fund, which is seeking to appoint a Pension Fund Manager for real estate debt management. This open procedure is currently active, with bids due by 17 January 2019. The procurement is classified under the services category and will take place in Glasgow, UK. Interested parties can submit their proposals electronically through the provided link.

This tender presents significant opportunities for investment management firms specialising in real estate debt, particularly those with the capability to comply with Local Government Pension Scheme (LGPS) regulations. Businesses well-suited for this contract should have experience in managing substantial portfolios, specifically in senior secured loans and direct lending, alongside a proven track record in delivering returns in the range of LIBOR plus 4-5% per annum. Companies that can demonstrate financial stability and meet the specified insurance requirements will be competitive candidates.

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Notice Information

Notice Title

Appointment of Pension Fund Manager - Real Estate Debt

Notice 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

Lot Information

Lot 1

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.

Renewal: 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000567322
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340583
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
OJEU - F2 - Contract Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66141000 - Pension fund management services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
18 Dec 20187 years ago
Submission Deadline
17 Jan 2019Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Active
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Glasgow City Council as the administering authority for the Strathclyde Pension Fund
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
GLASGOW
Postcode
G2 9EW
Postcode Area
Glasgow
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM3 West Central Scotland
Small Region (ITL 3)
TLM32 Glasgow City
Delivery Location
TLM82 Glasgow City
Local Authority
Glasgow City
Electoral Ward
Anderston/City/Yorkhill
Westminster Constituency
Glasgow North East

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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