--- title: "Appointment of Pension Fund Manager - Real Estate Debt" ocid: "ocds-r6ebe6-0000567322" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000567322" markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000567322.md" json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000567322.json" source: "Public Contracts Scotland" current_stage: "Tender" buyer: "GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND" published: "2018-12-18" --- # Appointment of Pension Fund Manager - Real Estate Debt Buyer: GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND Current stage: Tender OCID: ocds-r6ebe6-0000567322 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000567322) [Download OCDS JSON](https://d3tenders.com/contract/ocds-r6ebe6-0000567322.json) ## Summary 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. ## Notice 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. ## Key Details | Field | Value | | --- | --- | | Publication source | Public Contracts Scotland | | Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340583 | | 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 | | All stages | Tender | ## Dates | Field | Value | | --- | --- | | Publication date | 18 Dec 2018 | | Submission deadline | 17 Jan 2019 | | Future notice date | Not specified | | Award date | Not specified | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Active | | Lots status | Active | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND | | Locality | GLASGOW | | Post town | Glasgow | | Postcode | G2 9EW | | Country | Scotland | | ITL 1 | TLM Scotland | | ITL 2 | TLM3 West Central Scotland | | ITL 3 | TLM32 Glasgow City | | Local authority | Glasgow City | | Electoral ward | Anderston/City/Yorkhill | | Westminster constituency | Glasgow North East | | Delivery location | TLM82 Glasgow City | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66141000 - Pension fund management services ## Release History - 18 Dec 2018 at 00:00 - Tender - OJEU - F2 - Contract Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340583 ## Documents - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=6 8th January 2019 - Freedom of Information Certificate - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=5 3rd January 2019 - ESPD - Real Estate Debt - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=2 21st December 2018 - ITT - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=4 21st December 2018 - ITT - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=1 20th December 2018 - 4C1.2 Technical and Professional Capability - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340583&idx=3 20th December 2018 - Template IMA - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340583 Appointment of Pension Fund Manager - Real Estate Debt - 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 ## Notice URLs - http://www.spfo.org.uk - http://www.spfo.org.ukuk - https://Strathclyde2018REDebtSearch@hymans.co.uk - https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000567322 - https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=567322 ## 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-r6ebe6-0000567322. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000567322.json.