Contract notice
Section I: Contracting
authority
I.1) Name and addresses
Greater Manchester Combined Authority
Greater Manchester Fire and Rescue Service Headquarters, 146 Bolton Road, Swinton
Salford
M27 8US
UK
Contact person: Ms Jayne Whitehead
Telephone: +44 7966025144
E-mail: jayne.whitehead@greatermanchester-ca.gov.uk
NUTS: UK
Internet address(es)
Main address: http://www.manchesterfire.gov.uk/
Address of the buyer profile: http://www.manchesterfire.gov.uk/
I.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge at:
https://www.the-chest.org.uk/
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be sent electronically to:
https://www.the-chest.org.uk/
I.4) Type of the contracting authority
Regional or local authority
I.5) Main activity
General public services
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
For the provision of Fund Investment Adviser, Operator and Administrator Services for the Evergreen, Evergreen 2 and Low Carbon Funds
Reference number: DN716281
II.1.2) Main CPV code
66000000
II.1.3) Type of contract
Services
II.1.4) Short description
The Evergreen, Evergreen 2 and Low Carbon sub-funds deliver £150m of commercial property funding into the North West and Greater Manchester region.
These sub-funds are designed to support eligible Urban Projects which demonstrate a clear fit with the underlying objectives of the respective ERDF programmes it supports. The sub-funds are now in recycling phase and are procuring for Investment Advisers to implement its recycling investment strategy.
The Evergreen Fund was established under the 2007-13 ERDF Operational Programme and invests £60m capital into the North West (exc Merseyside) by way of senior, mezzanine and subordinated debt products over a tenor of up to 5 years. Investments typically include Grade A/B office stock, warehousing and infrastructure/logistics schemes.
Evergreen 2 and Low Carbon were established under the 2014-20 ERDF Operational Programme and hold allocations of £60m and £30m respectively to invest in the Greater Manchester region. Evergreen 2 focuses on investments into high-end laboratory and office floorspace to support GM’s science and innovation economy, and energy efficient new office stock. Low Carbon will focus on energy efficient new office stock and energy generation assets in the GM region to further GM’s low carbon aspirations.
Over the next 4 years, the Investment Adviser will be expected to market the funds, ensure continuous investment into eligible schemes and manage the existing portfolio.
The Authorities have engaged GMCA to act as their delivery agent to manage the administrative aspects of this procurement process. GMCA is not the procuring contracting authority for this procurement process and will not be party to any contract(s) entered into.
This procurement process has 2 lots:
a) Lot 1 – the provision of the Services to the Evergreen and Evergreen 2 sub-funds; and
b) Lot 2 - the provision of the Services to the Low Carbon sub-fund.
The contractual term will be 48 months with 2 x 12 month permissible extensions.
The scope of the Services may expand and / or contract over the term of the contract(s) to reflect changes to the funding that is made available. Such changes may include, in particular:
(a) increases of up to a maximum 100% of the value of the funds that are made available to the Evergreen and Evergreen 2 and Low Carbon sub-funds (from ERDF funds and/or other funding sources). The currently available funds are £60m for Evergreen, £60m for Evergreen 2 and £30m for Low Carbon. An increase of up to 100% of the value of the sub-funds would take the sub-fund values up to a maximum amount of £120m for Evergreen and £120m for Evergreen 2; and £60m for Low Carbon and,
(b) the reallocation of available funds between the Evergreen 2 and Low Carbon sub-funds (as appropriate) based on factors impacting the performance of the relevant sub-fund including, but not limited to, the successful Tenderer's performance and/or available pipeline.
Tenderers should ensure that they are capable of performing the expanded and / or contracted Services and that the pricing submission in the Tender for the Lot (to become the contractual pricing) will apply equally to any expanded and / or contracted scope (on a pro rata basis, where applicable).
Full tender documentation including invitation to tender, specifications, contingent loan agreements, Buyers terms and conditions of contract and background to fund documents can be accessed through the chest e procurement portal https://www.the-chest.org.uk/
II.1.6) Information about lots
This contract is divided into lots:
Yes
Tenders may be submitted for all lots
Maximum number of lots that may be awarded to one tenderer: 2
The contracting authority reserves the right to award contracts combining the following lots or groups of lots:
The successful bidder/s can be awarded one or both lots
II.2) Description
Lot No: Lot 1
II.2.1) Title
The Investment Adviser and Operator Agreement for Evergreen, and (ii) the Investment Adviser and Operator Agreement for Evergreen 2.
II.2.2) Additional CPV code(s)
66000000
II.2.3) Place of performance
NUTS code:
UK
II.2.4) Description of the procurement
This Invitation to Tender document is issued via The Chest, the North West Procurement portal, and can be accessed using the following link www.the-chest.org.uk.
Contract term 48 months with 2 x 12 month permissible extensions
The scope of the Services may expand and / or contract over the term of the contract(s) to reflect changes to the funding that is made available. Such changes may include, in particular:
(a) increases of up to a maximum 100% of the value of the funds that are made available to the Evergreen and Evergreen 2 and Low Carbon sub-funds (from ERDF funds and/or other funding sources). The currently available funds are £60m for Evergreen, £60m for Evergreen 2 and £30m for Low Carbon. An increase of up to 100% of the value of the sub-funds would take the sub-fund values up to a maximum amount of £120m for Evergreen and £120m for Evergreen 2; and £60m for Low Carbon,
(b) the reallocation of available funds between the Evergreen 2 and Low Carbon sub-funds (as appropriate) based on factors impacting the performance of the relevant sub-fund including, but not limited to, the successful Tenderer's performance and/or available pipeline.
Tenderers should ensure that they are capable of performing the expanded and / or contracted Services and that the pricing submission in the Tender for the Lot (to become the contractual pricing) will apply equally to any expanded and / or contracted scope (on a pro rata basis, where applicable).
Full tender documentation including invitation to tender, specifications, contingent loan agreements, Buyers terms and conditions of contract and background to fund documents can be accessed through the chest e procurement portal https://www.the-chest.org.uk/
II.2.5) Award criteria
Criteria below:
Quality criterion: Quality Criteria
/ Weighting: 70%
Quality criterion: Presentation Interview = Pass/Fail
/ Weighting: P/F
Price
/ Weighting:
30%
II.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 48
This contract is subject to renewal: Yes
Description of renewals:
Maximum 2 x 12 month extensions
II.2.9) Information about the limits on the number of candidates to be invited
II.2.10) Information about variants
Variants will be accepted:
No
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
Yes
Lot No: 2
II.2.1) Title
For the provision of Fund Investment Adviser, Operator and Administrator Services for the Low Carbon Funds
II.2.2) Additional CPV code(s)
66000000
II.2.3) Place of performance
NUTS code:
UK
II.2.4) Description of the procurement
This Invitation to Tender document is issued via The Chest, the North West Procurement portal, and can be accessed using the following link www.the-chest.org.uk.
Contract term 48 months with 2 x 12 month permissible extensions
The scope of the Services may expand and / or contract over the term of the contract(s) to reflect changes to the funding that is made available. Such changes may include, in particular:
(a) increases of up to a maximum 100% of the value of the funds that are made available to the Evergreen and Evergreen 2 and Low Carbon sub-funds (from ERDF funds and/or other funding sources). The currently available funds are £60m for Evergreen, £60m for Evergreen 2 and 30m for Low Carbon. An increase of up to 100% of the value of the sub-funds would take the sub-fund values up to a maximum amount of £120m for Evergreen and £120m for Evergreen 2; and £60mfor Low Carbon,
(b) the reallocation of available funds between the Evergreen 2 and Low Carbon sub-funds (as appropriate) based on factors impacting the performance of the relevant sub-fund including, but not limited to, the successful Tenderer's performance and/or available pipeline.
Tenderers should ensure that they are capable of performing the expanded and / or contracted Services and that the pricing submission in the Tender for the Lot (to become the contractual pricing) will apply equally to any expanded and / or contracted scope (on a pro rata basis, where applicable).
Full tender documentation including invitation to tender, specifications, contingent loan agreements, Buyers terms and conditions of contract and background to fund documents can be accessed through the chest e procurement portal https://www.the-chest.org.uk/
II.2.5) Award criteria
Criteria below:
Quality criterion: Quality Evaluation
/ Weighting: 70%
Quality criterion: Presentation/Interview = Pass/Fail
/ Weighting: P/F
Price
/ Weighting:
30%
II.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 48
This contract is subject to renewal: Yes
Description of renewals:
Maximum 2 x 12 month extensions
II.2.9) Information about the limits on the number of candidates to be invited
II.2.10) Information about variants
Variants will be accepted:
No
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
Yes
Section III: Legal, economic, financial and technical information
III.1) Conditions for participation
III.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
III.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
III.2) Conditions related to the contract
III.2.3) Information about staff responsible for the performance of the contract
Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
IV.2) Administrative information
IV.2.2) Time limit for receipt of tenders or requests to participate
Date:
03/05/2024
Local time: 12:00
IV.2.4) Languages in which tenders or requests to participate may be submitted
EN
IV.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 3 (from the date stated for receipt of tender)
IV.2.7) Conditions for opening of tenders
Date:
03/05/2024
Local time: 12:05
Section VI: Complementary information
VI.1) Information about recurrence
This is a recurrent procurement:
Yes
VI.2) Information about electronic workflows
Electronic invoicing will be accepted
Electronic payment will be used
VI.4) Procedures for review
VI.4.1) Review body
Greater Manchester Combined Authority
Greater Manchester Fire and Rescue Service Headquarters,146 Bolton Road, Swinton
Manchester
M27 8US
UK
VI.4.3) Review procedure
Precise information on deadline(s) for review procedures:
Precise information on deadline(s) for review procedures:
The Greater Manchester Combined Authority will incorporate a minimum 10 calendar days standstill period
at the point information on the award of the contract is communicated to tenderers prior to entering into the
contract. If an appeal regarding the award of a contract has not been successfully resolved the Public Contracts
Regulations 2015 provide for aggrieved parties who have been harmed or are at risk of harm by a breach of
the rules to take action in the High Court (England, Wales and Northern Ireland). Any such action must be
brought promptly. Where a contract has not been entered into, the Court may order the setting aside of the
award decision or order the Authority to amend any document and may award damages. If the contract has
been entered into the Court may, depending on the circumstances, award damages and/or shorten or order the
contract ineffective.
VI.5) Date of dispatch of this notice
27/03/2024