Contract Award - Wales Pension Partnership Private Markets - Real Estate

WPP Constituent Authorities currently invest in UK Real Estate through a range of fund of funds, and open and closed ended funds. Market engagement suggests that over the long term it would be optimal to transition to gaining this exposure primarily through a Direct, Separately Managed Account, real estate portfolio. Recognising the potential costs of transition, WPP Constituent Authorities are seeking a manager to: assess the current portfolio, identify and implement any short term efficiency gains, make recommendations on the ultimate approach and structure for long term WPP UK Real Estate investment. Create and implement a plan for achieving the recommended long term UK Real Estate Investment goals of Constituent Authorities, and invest any available new capital in an appropriate fashion, consistent with the long term plan. See WPP Real Estate - Lot 1 – UK Core Real Estate - Quantitative PQQ.xls Tab 1 for detailed investment objectives and constraints. This Procurement is being undertaken in accordance with the Competitive Procedure with Negotiation pursuant to Regulation 29 of the Public Contracts Regulations 2015. The Council expressly reserves the right to award the Contractual Agreement on the basis of the initial tenders without negotiation. For this particular Contractual Agreement, the Council has awarded the Contractual Agreement on the basis of the initial tender without negotiation. A Pre-Qualification Questionnaire (PQQ) was published for Stage 1 of the process through which the Council invited suitably qualified and experienced organisations to submit a response to the PQQ in order to determine whether they meet a minimum standard of financial standing and technical capability and capacity to deliver the required Lot(s). Following the evaluation of this PQQ, those bidders who passed Stage 1 were invited to participate in Stage 2. This information can be accessed via the eTender opportunity on eTenderwales and will be located in the General Attachments Area and Technical Envelope. Additional information: Please refer to the eTender opportunity on eTenderwales for further information. project_54893 - Wales Pension Partnership

WPP Constituent Authorities intend on investing in International Real Estate through a combination of one or more Global Real Estate Funds / SMAs. These Funds/SMAs should each offer global exposure (as opposed to WPP selecting specific regional funds). Global Real Estate Funds might be stand-alone products or 'umbrella' products across underlying strategies. Fund of Funds and multi-manager SMAs will be considered. The exposure will comprise Global direct real estate, but with potential to have small (sub-20%) allocations to real estate debt and listed real estate (REITs). Some preference for managers that have the ability to monitor and report for WPP on the overall international real estate exposure which may include any existing/legacy exposure of the underlying authorities. See WPP Real Estate - Lot 2 – Global Real Estate - Quantitative PQQ.xls Tab 1 for detailed investment objectives and constraints. This Procurement was undertaken in accordance with the Competitive Procedure with Negotiation pursuant to Regulation 29 of the Public Contracts Regulations 2015. The Council expressly reserves the right to award the Contractual Agreement on the basis of the initial tenders without negotiation. For this particular Contractual Agreement, it is envisaged that the Council will award the Contractual Agreement on the basis of the initial tender without negotiation. A Pre-Qualification Questionnaire (PQQ) was published for Stage 1 of the process through which the Council invited suitably qualified and experienced organisations to submit a response to the PQQ in order to determine whether they meet a minimum standard of financial standing and technical capability and capacity to deliver the required Lot(s). Following the evaluation of this PQQ, those bidders who pass Stage 1 will be invited to participate in Stage 2. This information can be accessed via the eTender opportunity on eTenderwales and will be located in the General Attachments Area and Technical Envelope. Additional information: Please refer to the eTender opportunity on eTenderwales for further information. project_54893 - Wales Pension Partnership

WPP Constituent Authorities recognise a rare opportunity to utilise LGPS asset pooling to achieve unprecedented Social and Environmental impact investment in Wales and across the UK. The mandate will focus on UK real estate, excluding real estate debt and listed real estate (REITs). The mandate will likely be implemented through a multi-manager allocator approach, utilising co-investment sleeves alongside fund investments. 'Impact' real estate defined to include strategies in three broad areas: Specific strategies focused on Wales that have a clear "levelling up" or local 'Impact' focus, (broad definition of levelling up and impact may be taken) with at least 50% of the total allocation to be deployed in these strategies. UK-wide strategies to reduce social inequality. This might include various affordable housing sectors and/or strategies to support regeneration in geographic areas of social deprivation, social infrastructure etc. UK-wide strategies to support the climate transition. This is likely to involve funds with a strong 'net zero' target including 'Green building funds' and those with strong use of green leases. High degree of ESG integration required, as well as a robust approach to delivering on impact objectives. The manager will be required to have a strong and proven approach to impact reporting. Clear approach to achieving meaningful investment in Wales (including appropriate alignment) is critical for the mandate. See WPP Real Estate - Lot 3 – UK Impact Real Estate - Quantitative PQQ.xls Tab 1 for detailed investment objectives and constraints. This Procurement was undertaken in accordance with the Competitive Procedure with Negotiation pursuant to Regulation 29 of the Public Contracts Regulations 2015. The Council expressly reserves the right to award the Contractual Agreement on the basis of the initial tenders without negotiation. For this particular Contractual Agreement, the Council awarded the Contractual Agreement on the basis of the initial tender without negotiation. A Pre-Qualification Questionnaire (PQQ) is being published for Stage 1 of the process through which the Council is inviting suitably qualified and experienced organisations to submit a response to the PQQ in order to determine whether they meet a minimum standard of financial standing and technical capability and capacity to deliver the required Lot(s). Following the evaluation of this PQQ, those bidders who pass Stage 1 will be invited to participate in Stage 2. This information can be accessed via the eTender opportunity on eTenderwales and will be located in the General Attachments Area and Technical Envelope. Additional information: Please refer to the eTender opportunity on eTenderwales for further information. project_54893 - Wales Pension Partnership