--- title: "LGPS Central UK Direct Property and Investment Manager" ocid: "ocds-h6vhtk-02bb85" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02bb85" markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-02bb85.md" json_url: "https://d3tenders.com/contract/ocds-h6vhtk-02bb85.json" source: "Find A Tender Service" current_stage: "Award" buyer: "LGPS CENTRAL LIMITED" published: "2022-01-04" --- # LGPS Central UK Direct Property and Investment Manager Buyer: LGPS CENTRAL LIMITED Current stage: Award OCID: ocds-h6vhtk-02bb85 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02bb85) [Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-02bb85.json) ## Summary LGPS Central Limited, an Alternative Investment Fund Manager based in Wolverhampton, is conducting a tender for the position of UK Direct Property and Investment Manager as part of its initiative to manage a new property fund. This procurement falls within the financial and insurance services industry and is at the active tender stage. Interested parties must submit their proposals by 19th July 2021. The selected manager will enter a Master Property and Investment Management Agreement for an initial term of seven years, with the possibility of a three-year extension, thereby underscoring the long-term commitment of LGPS Central. This tender presents a lucrative opportunity for businesses specialising in asset management, property consultancy, and investment services, particularly those with experience in managing substantial property portfolios. Companies equipped to offer comprehensive advisory services, including day-to-day property operations like rent reviews and lease renewals, would be particularly well-suited to compete. Given the scale of investment anticipated—potentially reaching £500 million over seven years—successful bidders could significantly enhance their market presence and leverage this contract for further growth in the public sector. ## Notice LGPS Central Limited (LGPS Central) is an Alternative Investment Fund Manager (AIFM) and an investment advisor, authorised and regulated by the Financial Conduct Authority (FCA). LGPS Central will be the manager of the Property ACS and wishes to appoint a property and investment manager (the P and I Manager) to: - manage, on an advisory basis, all of the assets of the Fund in accordance with the investment objective and investment policy of the Fund; and- provide day-to-day property related services, such as rent reviews, lease renewals and dilapidations. The P and IMA will be for an initial term of seven years with the option for LGPS Central to extend for a further three years. ### Lot Information Lot 1 LGPS Central Limited (LGPS Central) is an Alternative Investment Fund Manager (AIFM) and an investment advisor, authorised and regulated by the Financial Conduct Authority (FCA). It was established to manage investment assets on behalf of eight Local Government Pension Scheme (LGPS) funds across the Midlands (Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands, and Worcestershire) (the Partner Funds). It is jointly owned on an equal-shares basis by the eight Partner Funds. LGPS Central currently has approximately PS45bn of assets under management, including PS17bn in the LGPS Central Limited Authorised Contractual Scheme (the LGPSC ACS). It also provides consultancy and investment advisory services, to the Partner Funds.Three of the LGPS Central's Partner Funds have expressed interest in investing new monies in a pooled direct property fund and it has been agreed that such a fund will be set up as a sub-fund under a new authorised contractual scheme structure, to be known as the LGPS Central Property ACS ( the Property ACS).The sub-fund will be called the LGPS Central UK Direct Property Fund (the Fund).It is anticipated that the Fund will be launched by the end of 2021 with approximately PS150million of investment of new money from the three Partner Funds. It is expected that over time this amount will grow (expected to reach approximately PS500m in 7 years) and include cash investment from other Partner Funds. LGPS Central will be the manager of the Property ACS and wishes to appoint a property and investment manager (the P and I Manager) to: - manage, on an advisory basis, all of the assets of the Fund in accordance with the investment objective and investment policy of the Fund; and- provide day-to-day property related services, such as rent reviews, lease renewals and dilapidations.In addition, LGPS Central, in its capacity as an investment advisor may, at any time, also wish to appoint the P and I Manager as a property and investment manager in respect of Partner Fund's existing UK direct property portfolio (a Legacy Portfolio) with a view to winding down the Legacy Portfolio and reinvesting the proceeds into the Fund. Such an appointment would be a delegation from LGPS Central of the investment advisory services it has been appointed to provide to the Partner Fund in respect of a Legacy Portfolio. Therefore, the P and I Manager will only be appointed in respect of a Legacy Portfolio where LGPSC is appointed by the Partner Fund. No guarantees are given by LGPC Central to tenderers in respect of Legacy Portfolios. The appointment of the P and I Manager in respect of the above will be by way of a Master Property and Investment Management Agreement (the P and IMA). The P and IMA will be for an initial term of seven years with the option for LGPS Central to extend for a further three years. Further information can be found in the Information Document that is part of the procurement pack Renewal: 7 year + 3 year contract duration. Renewal is dependent on meeting agreed performance. ## Key Details | Field | Value | | --- | --- | | Publication source | Find A Tender Service | | Latest notice | https://www.find-tender.service.gov.uk/Notice/000015-2022 | | Notice type | Tender Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Selective | | Procurement method details | Competitive dialogue | | Tender suitability | Not specified | | Awardee scale | Large | | All stages | Tender, Award | ## Dates | Field | Value | | --- | --- | | Publication date | 4 Jan 2022 | | Submission deadline | 19 Jul 2021 | | Future notice date | Not specified | | Award date | 6 Dec 2021 | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | £2,340,000 | ## Status | Field | Value | | --- | --- | | Tender status | Complete | | Lots status | Cancelled | | Awards status | Active | | Contracts status | Active | ## Buyer | Field | Value | | --- | --- | | Main buyer | LGPS CENTRAL LIMITED | | Locality | WOLVERHAMPTON | | Post town | Wolverhampton | | Postcode | WV1 3NB | | Country | England | | ITL 1 | TLG West Midlands (England) | | ITL 2 | TLG3 West Midlands | | ITL 3 | TLG39 Wolverhampton | | Local authority | Wolverhampton | | Electoral ward | St Peters | | Westminster constituency | Wolverhampton West | | Delivery location | TLF East Midlands (England), TLG West Midlands (England) | ## Supplier | Field | Value | | --- | --- | | Number of suppliers | 1 | | Supplier names | DTZ INVESTORS | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66000000 - Financial and insurance services ## Release History - 4 Jan 2022 at 08:39 - Award - Award Notice - https://www.find-tender.service.gov.uk/Notice/000015-2022 - 14 Jun 2021 at 11:09 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/013330-2021 ## Notice URLs - https://in-tendhost.co.uk/lgpscentral/aspx/Home - https://www.lgpscentral.co.uk/ ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02bb85. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-02bb85.json.