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PROCUREMENT OPPORTUNITY

Contract Award - Wales Pension Partnership Private Markets - Real Estate

Carmarthenshire County Council · compiled

Tender information last checkedLast checked 29 Sept 2026, 19:00.

Opportunity overview

Carmarthenshire County Council is the Host Authority for the Wales Pension Partnership (WPP). The WPP, established in 2017 is a collaboration of all eight LGPS funds in Wales and is one of eight national Local Government Pension pools. The eight LGPS funds in Wales are: Cardiff and Vale of Glamorgan, City and County of Swansea, Clwyd, Dyfed, Greater Gwent (Torfaen), Gwynedd, Powys and Rhondda Cynon Taf. The WPP has now developed a range of Private Real Estate Sub-Funds which the Constituent Authorities (“CAs”) (Local Government Pension Funds) of Wales can use to obtain the private market exposure that they require to meet their locally decided strategic asset allocations. The WPP has established Sub-Funds which are based on individual asset classes, the WPP has established UK Real Estate, Global Real Estate, and Local / Impact Real Estate Sub-Funds. This Procurement was undertaken in accordance with the Competitive Procedure with Negotiation pursuant to Regulation 29 of the Public Contracts Regulations 2015. Although the Council is utilising the Competitive Procedure with Negotiation route, it reserved the right to award the contract on the basis of the initial tenders without conducting negotiations.

Awarded to

Amounts belong to published awards or contracts. Where several suppliers share one value, it is labelled as shared and is not a supplier-specific allocation.

SCHRODERS PLC

Match pending…
Contract value
£15m
Awarded
Not supplied
Contract signed
4 Aug 2024
Award ID
000635-2025-1
Status
active
Location
London, UKI, EC2Y5AU, United Kingdom

SCHRODERS PLC

Match pending…
Contract value
£15m
Awarded
Not supplied
Contract signed
4 Aug 2024
Award ID
000635-2025-2
Status
active
Location
London, UKI, EC2Y5AU, United Kingdom

CBRE

Match pending…
Contract value
£15m
Awarded
Not supplied
Contract signed
4 Aug 2024
Award ID
000635-2025-3
Status
active
Location
Leeds,, UKE42, LS270RY, United Kingdom

Classification

  • CPV66131100 — Pension investment services

Lots

  • UK Core Real EstateValue not stated
  • International Real EstateValue not stated
  • Impact / Local Real EstateValue not stated

Published notice details

Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.

Scope, procedure and submissions

Id
ocds-h6vhtk-041afd
Status
complete
Has Recurrence
Yes
Procurement Method
selective
Main Procurement Category
services
Procurement Method Details
Competitive procedure with negotiation

Covered By

GPA

Legal basis

Id
32014L0024
Scheme
CELEX

Lot Details

Maximum Lots Bid Per Supplier
9,999,999

Recurrence

Description
Contract extensions up to an additional 60 months subject to satisfactory performance

Second Stage

Invitation Date
22 Jan 2024, 00:00
Successive Reduction
Yes
No Negotiation Necessary
Yes

Tender Period

Ends
18 Dec 2023, 14:00

Communication

Contract terms

Performance Terms
As detailed in the invitation to tender documentation.

Classification

Id
66131100
Scheme
CPV
Description
Pension investment services

Submission terms

Languages

en
cy

Bid Validity Period

Duration In Days
270

Submission Method

electronicSubmission

Other Requirements

Requires Staff Names And Qualifications
Yes

Selection criteria

Criteria

Criterion 1
Type
technical
Description
It is expected that the Investment Manager will be an FCA or equivalent authorised firm with appropriate investment expertise and track record.

Lots and requirements

Entry 1
Id
1
Title
UK Core Real Estate
Status
cancelled
Has Options
No
Has Renewal
Yes
Description
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

Renewal

Description
Contract extensions up to an additional 60 months subject to satisfactory performance

Second Stage

Maximum Candidates
10
Minimum Candidates
3

Award criteria

Criteria

Criterion 1
Name
Quality
Type
quality
Description
80
Criterion 2
Type
price
Description
20

Contract period

Duration In Days
1,800

Submission terms

Variant Policy
notAllowed

Selection criteria

Description
As detailed in the eTender documentation and instructions included on eTenderwales
Entry 2
Id
2
Title
International Real Estate
Status
cancelled
Has Options
No
Has Renewal
Yes
Description
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

Renewal

Description
Contract extensions up to an additional 60 months subject to satisfactory performance

Second Stage

Maximum Candidates
10
Minimum Candidates
3

Award criteria

Criteria

Criterion 1
Name
Quality
Type
quality
Description
80
Criterion 2
Type
price
Description
20

Contract period

Duration In Days
1,800

Submission terms

Variant Policy
notAllowed

Selection criteria

Description
As detailed in the eTender documentation and instructions included on eTenderwales
Entry 3
Id
3
Title
Impact / Local Real Estate
Status
cancelled
Has Options
No
Has Renewal
Yes
Description
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

Renewal

Description
Contract extensions up to an additional 60 months subject to satisfactory performance

Second Stage

Maximum Candidates
10
Minimum Candidates
3

Award criteria

Criteria

Criterion 1
Name
quality
Type
quality
Description
80
Criterion 2
Type
price
Description
20

Contract period

Duration In Days
1,800

Submission terms

Variant Policy
notAllowed

Selection criteria

Description
As detailed in the eTender documentation and instructions included on eTenderwales

Items and delivery

Item 1
Id
1
Related Lot
1

Delivery locations

Entry 1
Region
UKL14
Entry 2
Region
UKL14

Additional Classifications

Entry 1
Id
66131100
Scheme
CPV
Description
Pension investment services
Item 2
Id
2
Related Lot
2

Delivery locations

Entry 1
Region
UKL14
Entry 2
Region
UKL14

Additional Classifications

Entry 1
Id
66131100
Scheme
CPV
Description
Pension investment services
Item 3
Id
3
Related Lot
3

Delivery locations

Entry 1
Region
UKL14
Entry 2
Region
UKL14

Additional Classifications

Entry 1
Id
66131100
Scheme
CPV
Description
Pension investment services

Published documents

Entry 1
Id
economic1
Document Type
economicSelectionCriteria
Entry 2
Id
technical1
Document Type
technicalSelectionCriteria

Buyer, suppliers and contacts

Organisation 1
Id
GB-FTS-1552
Name
Carmarthenshire County Council

Roles

buyer
centralPurchasingBody

Address

Region
UKL14
Locality
Carmarthen
Postal Code
SA31 1JP
Country Name
United Kingdom
Street Address
County Hall

Details

Classifications

Entry 1
Id
REGIONAL_AUTHORITY
Scheme
TED_CA_TYPE
Description
Regional or local authority
Entry 2
Id
01
Scheme
COFOG
Description
General public services

Identifier

Legal Name
Carmarthenshire County Council

Contact

Telephone
+44 1267234567
Organisation 2
Id
GB-FTS-111
Name
High Court

Roles

reviewBody

Address

Locality
London
Postal Code
WC2A 2LL
Country Name
United Kingdom
Street Address
Royal Courts of Justice, The Strand

Identifier

Legal Name
High Court

Contact

Telephone
+44 2079477501
Organisation 3
Id
GB-FTS-124573
Name
SCHRODERS PLC

Roles

supplier

Address

Region
UKI
Locality
London
Postal Code
EC2Y5AU
Country Name
United Kingdom
Street Address
1 London Wall Place

Details

Scale
sme

Identifier

Legal Name
SCHRODERS PLC

Contact

Telephone
+44 02076586000

Additional Contact Points

Entry 1
Telephone
+44 2076586000
Organisation 4
Id
GB-FTS-134498
Name
CBRE

Roles

supplier

Address

Region
UKE42
Locality
Leeds,
Postal Code
LS270RY
Country Name
United Kingdom
Street Address
Unit 1, Cliffe Park, Bruntcliffe Road, Morley,

Details

Scale
sme

Identifier

Legal Name
CBRE

Award information

Award 1
Id
000635-2025-1
Title
Impact / Local Real Estate
Status
active

Suppliers

Supplier 1
Id
GB-FTS-124573
Name
SCHRODERS PLC

Related lots

3
Award 2
Id
000635-2025-2
Title
UK Core Real Estate
Status
active

Suppliers

Supplier 1
Id
GB-FTS-124573
Name
SCHRODERS PLC

Related lots

1
Award 3
Id
000635-2025-3
Title
International Real Estate
Status
active

Suppliers

Supplier 1
Id
GB-FTS-134498
Name
CBRE

Related lots

2

Contracts and changes

Entry 1
Id
000635-2025-1
Title
Impact / Local Real Estate
Status
active
Award ID
000635-2025-1
Date Signed
5 Aug 2024, 00:00

Value

Amount
15,000,000
Currency
GBP
Entry 2
Id
000635-2025-2
Title
UK Core Real Estate
Status
active
Award ID
000635-2025-2
Date Signed
5 Aug 2024, 00:00

Value

Amount
15,000,000
Currency
GBP
Entry 3
Id
000635-2025-3
Title
International Real Estate
Status
active
Award ID
000635-2025-3
Date Signed
5 Aug 2024, 00:00

Value

Amount
15,000,000
Currency
GBP

Recorded locations

  • Buyer location · Carmarthen · UKL14 · SA31 1JP · United Kingdom
  • Delivery location · UKL14

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. ocds-h6vhtk-041afd-2025-01-09T11:13:49Zcompiled ·