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Published 18 Aug 2022, 09:05 BST

Official UK procurement notice

ACCESS Pool Investment Manager for Real Estate - Global

Official notice

Authority: Hampshire County Council (Local council)·Consortium: 13 public authorities

ServicesRestricted procedure
Sectors: Financial and insurance services (66) Delivery: East Midlands (UKF2)East of England (UKH)South East (UKJ)
Published estimate£250,000,000exc. VAT
Submissions closed 23 Sept 2022awarded 14 Feb 2023
Awarded to CBRE Investment Management Indirect Limited

What is being bought

Published requirement description

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: www.accesspool.org ↗.

CPV: Pension investment services

The lotProcurement structure

single lot · value published
Lot #1Hampshire County Council is running this procurement on behalf of ACCESS pool and isAwardedPublished value£250,000,000

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 £800 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.

Delivery: East Midlands, East of England, South East
Extensions: Across the 11 ACCESS Authorities there is currently a total aggregated exposure of c. £500m to Global Real Estate (with an additional c. £150m in undrawn commitments), relative to an estimated target exposure of c. £800m (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. £500m 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. £500m Global Real Estate exposure is expected to be initially transitioned to the pool. In particular, there is an existing allocation of c. £100m 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. £150m 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. £400m and c. £550m. 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. £300m 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. £100m invested with an additional c. £150m 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. £250m is expected to ultimately be allocated.Variant bids: not allowed

What it takes to win
i

How this buyer will score bids.

The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).

Evaluation split and conditions of participation as published; the tender pack may add more
How bids were scored
Quality: 80%Price: 20%
Published award criteria (2)
  • Quality: 80%
  • Price: 20%
What this means for your bid
  • Price carries 20 of 100 points: a 10% discount moves about 2 points. The method statement decides this lot, not the discount.

Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.

Procedure terms & legal framework

From the official record
Procedure method
Restricted procedure
Legal basis
CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
Procurement category
Services
Notice status
Awarded
Procurement threshold
Unspecified in notice
Regulatory regime
Standard
Commercial structure
Stand-alone contract (no framework)
Competition type
Competitive procedure
GPA / WTO covered
Yes (GPA)
Recurring procurement
No (one-off requirement)
First published
18 Aug 2022, 09:05 BST
Last source update
10 Mar 2023, 13:00 GMT
Authority reference
EX20230
FTS notice number
2023/S 000-007055
Classification (CPV)
Pension investment services
Delivery area
East Midlands (UKF2)East of England (UKH)South East (UKJ)
Official registry OCID
ocds-h6vhtk-035fc2 Find a Tender

How it was run

Official notice
Run through: In-tend · Who buys & how to bid on In-tend
Supplier login requiredLanguage: EN
Access & registration note: Free · one account per buying organisation's portal · reCAPTCHA on signup
Submission deadline
23 Sept 2022, 14:00 BST
Submission channel
{"electronicSubmission"}
Accepted languages
en
Detailed submission instructions & authority contactsFrom official release

in-tendhost.co.uk/hampshire/aspx/Home ↗

Timeline

23 Sept 2022 → 10 Mar 2023 · 3 dates
  1. Submission deadline
    23 Sept 2022, 14:00 BST
  2. Invitations to tender expected
    18 Oct 2022, 00:00 BST
  3. Notice published
    10 Mar 2023, 13:00 GMT

Notice history

2 events · 2 releases on Find a Tender · since 10 Mar 2023
  1. Status changed to complete
    10 Mar 2023, 13:00 GMT
  2. Buyer details updated
    10 Mar 2023, 13:00 GMT

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast
Awards 1
Awarded value £250,000,0001 contract exc. VAT
Bids received 3
Contracts signed 1latest 14 Feb 2023
Awarded toValueDateStatus
CBRE Investment Management Indirect Limited£250,000,000 †—Awarded

Contracts

Bid statistics published by the authority

BidsSMEVCSEValid bid range
3bids · 3 electronic0——

Contracting authority & participating public bodies

11 public bodies on the notice

HAMPSHIRE COUNTY COUNCIL

Contracting authorityLocal CouncilRegional or local authorityGeneral public servicesEconomic affairs The Castle, WINCHESTER, South East, SO238ZBContact name, email, phone

Consortium members and other public bodies

Dispute resolution & review bodies

  • High Court of England & WalesReview body LondonContact email
  • High Court of England and WalesReview body London

Bidders & participating suppliers

1 commercial party on the notice

Official documents & specifications (2)

Official links; attachments are not copied

Tender pack and attachments

  • Economic and financial selection criteriatenderEconomic and financial selection criteria
  • Technical selection criteriatenderTechnical selection criteria