---
title: "ACCESS Pool Investment Manager for Real Estate - Global"
ocid: "ocds-h6vhtk-035fc2"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-035fc2"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-035fc2.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-035fc2.json"
source: "Find A Tender Service"
current_stage: "Award"
buyer: "HAMPSHIRE COUNTY COUNCIL"
published: "2023-03-10"
---

# ACCESS Pool Investment Manager for Real Estate - Global

Buyer: HAMPSHIRE COUNTY COUNCIL  
Current stage: Award  
OCID: ocds-h6vhtk-035fc2

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## Summary

The procurement process involves Hampshire County Council seeking an investment manager for Real Estate on behalf of the ACCESS Pool. This collaboration of 11 local government pension scheme authorities aims to manage and grow Global Real Estate mandates. The procurement is at the 'Award' stage, with a completed status. The deadline for the tender was on 10th March 2023. Interested businesses should visit the Hampshire County Council website for more details.

This tender offers an opportunity for businesses specializing in pension investment services to bid for managing the Global Real Estate mandates. The procurement method used is 'Selective' with a 'Restricted procedure'. The anticipated contract value is £250,000,000. Businesses with experience in long-term investment management for pension funds are well-suited to compete. The ACCESS Pool's focus on strong investment performance and cost efficiency makes it an attractive opportunity for businesses looking to grow in the industry.

## Notice

The Authority is seeking an investment manager to manage and grow the assigned Global Real Estate mandates of the ACCESS pool members. This procurement is being undertaken by Hampshire County Council (the Authority) on behalf of the Administering Authorities who together comprise the ACCESS Pool. The ACCESS Pool is a collaboration of 11 like-minded Local Government Pension Scheme Authorities, investing the pensions of over one million members, delivering strong investment performance, achieving greater cost efficiency and benefiting from the best of local authority procurement. Further information regarding the ACCESS Pool can be found here: https://www.accesspool.org/.

### Lot Information

Lot 1

Hampshire County Council is running this procurement on behalf of ACCESS pool and is seeking to appoint an investment manager to manage and grow the assigned Global Real Estate mandates of the ACCESS Pool members. The procurement will be carried out as a two stage Restricted procedure. Real Estate mandates of the ACCESS Pool members. The procurement will be carried out as a two stage Restricted procedure. The duration of the contract(s) shall be thirty (30) years, subject to a five (5) yearly review cycle during this period. Additional information: Note: The stated contract value is an estimate of fees payable over the life of the contract based on anticipated mandate size and maximum fees set out in the Pricing Schedule. The actual fees payable will depend on these and other relevant factors applicable over the course of the mandate. This amount should not be taken as a guaranteed value or payment. Specifically, the estimated total contract value shown above has been derived by making a number of assumptions at the time of writing, which include: the aggregated authority target exposure of PS800 million as initial assets in the mandate; a contract length of 30 years; a maximum blended fee rate of 40 basis points; a constant asset growth assumption of 6.0%. p.a. It should be noted that in practice the actual levels of assets, fees and growth rates are highly likely to differ materially from these assumptions over the term of the mandate. For further details on the expected size of this mandate, please see 'Project Background' in Section 1 of the ITT.

Options: Across the 11 ACCESS Authorities there is currently a total aggregated exposure of c. PS500m to Global Real Estate (with an additional c. PS150m in undrawn commitments), relative to an estimated target exposure of c. PS800m (this is based on each Authority's current strategic asset allocation and latest overall portfolio valuation). Currently 3 out of the 11 Authorities have an exposure to Global Real Estate. The current expectation is that the c. PS500m current aggregated exposure to Global Real Estate will create the foundation of the ACCESS pooled Global Real Estate mandate. The respective Authorities are expected to redeem from their fund of funds allocations/ single fund allocations and invest the redemption proceeds into the pool. However, although possible, not all the c. PS500m Global Real Estate exposure is expected to be initially transitioned to the pool. In particular, there is an existing allocation of c. PS100m which is invested in a locked-up vehicle, and therefore not expected to be redeemed initially. In addition, given that in aggregate, the Authorities are underweight their strategic asset allocation targets, it is anticipated that there will be a further c. PS150m allocated to the pool in order to meet these targets. In practical terms, it is anticipated that the initial mandate size for the pool will be between c. PS400m and c. PS550m. Whilst this estimated mandate size will form the base case for the purposes of this procurement exercise, there is scope for the total mandate size to significantly increase in scale (and - although unlikely based on information available currently - to possibly decrease), both initially and throughout the life of the mandate, due to the following factors: (i) Authorities are currently undertaking reviews of their strategic asset allocations following Page 13 to 16 the 31 March 2022 triennial actuarial valuations (these are expected to be completed by Q1 2023). For the 3 Authorities with existing exposure to Global Real Estate, the results of these reviews may affect their target allocations. This may have the impact of further increasing the capital that Authorities will collectively allocate to the Global Real Estate pool (it is also possible that the results may lead to a decrease in the amount allocated). In addition, there are a further 3 Authorities currently without existing Global Real Estate allocations, who have indicated that they are looking to add Global Real Estate exposure to their portfolios. For context, were each of these 3 Authorities to respectively seek a target Global Real Estate exposure of 3% of their overall portfolios, in total this would result in an additional c. PS300m being potentially available to be allocated to the pool. (ii) It is not anticipated that the Authority with the existing investment in a locked-up vehicle (currently c. PS100m invested with an additional c. PS150m in undrawn commitments) will initially transition this to the pool. However, as distributions from this investment are returned to the Authority over time, it is expected that this capital will then be allocated to the pool i.e. a further c. PS250m is expected to ultimately be allocated.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/007055-2023 |
| Notice type | Tender Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Selective |
| Procurement method details | Restricted procedure |
| Tender suitability | Not specified |
| Awardee scale | Large |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 10 Mar 2023 |
| Submission deadline | 23 Sep 2022 |
| Future notice date | Not specified |
| Award date | 14 Feb 2023 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £250,000,000 |
| Lots value | £250,000,000 |
| Awards value | Not specified |
| Contracts value | £250,000,000 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Cancelled |
| Awards status | Active |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | HAMPSHIRE COUNTY COUNCIL |
| Additional buyers | CAMBRIDGE CITY COUNCIL; EAST SUSSEX COUNTY COUNCIL; ESSEX COUNTY COUNCIL; HERTFORDSHIRE COUNTY COUNCIL; ISLE OF WIGHT COUNCIL; KENT COUNTY COUNCIL; NORFOLK COUNTY COUNCIL; SUFFOLK COUNTY COUNCIL; WEST NORTHAMPTONSHIRE COUNCIL; WEST SUSSEX COUNTY COUNCIL |
| Locality | WINCHESTER |
| Post town | Southampton |
| Postcode | N/A |
| Country | England |
| ITL 1 | TLJ South East (England) |
| ITL 2 | TLJ3 Hampshire and Isle of Wight |
| ITL 3 | TLJ36 Central Hampshire |
| Local authority | Winchester |
| Electoral ward | St Michael |
| Westminster constituency | Winchester |
| Delivery location | TLF2 Leicestershire, Rutland and Northamptonshire, TLH East (England), TLJ South East (England), TLJ2 Surrey, East and West Sussex, TLJ3 Hampshire and Isle of Wight, TLJ4 Kent |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | CBRE INVESTMENT MANAGEMENT INDIRECT |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66131100 - Pension investment services

## Release History

- 10 Mar 2023 at 13:00 - Award - Award Notice - https://www.find-tender.service.gov.uk/Notice/007055-2023
- 18 Aug 2022 at 08:05 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/022906-2022

## Notice URLs

- http://www.hants.gov.uk
- http://www.hertfordshire.gov.uk
- https://in-tendhost.co.uk/hampshire/aspx/Home
- https://www.accesspool.org/
- https://www.cambridge.gov.uk/
- https://www.cbre.co.uk/
- https://www.eastsussex.gov.uk/
- https://www.essex.gov.uk/
- https://www.iow.gov.uk/
- https://www.judiciary.uk/courts-and-tribunals/high-court/
- https://www.kent.gov.uk/
- https://www.norfolk.gov.uk/
- https://www.suffolk.gov.uk/
- https://www.westnorthants.gov.uk/
- https://www.westsussex.gov.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-035fc2. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-035fc2.json.