Investment Management Services

2025-02-20

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Published date: 20 February 2025

Open opportunity - This means that the contract is currently active, and the buying department is looking for potential suppliers to fulfil the contract.

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Contract summary

Industry

Banking and investment services - 66100000

Pension investment services - 66131100

Portfolio management services - 66140000

Show additional CPV codes for this notice

Pension fund management services - 66141000

Location of contract

S71 1HG

Value of contract

£8,000,000 to £16,000,000

Procurement reference

20250220094038-104506

Published date

20 February 2025

Closing date

28 March 2025

Closing time

5pm

Contract start date

1 October 2025

Contract end date

30 September 2039

Contract type

Service contract

Procedure type

Negotiated procedure

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Description

SYPA is seeking to appoint an investment manager (authorised by the Financial Conduct Authority) to work in partnership with SYPA to deliver SYPA's planned investments into domestic housing within SYPA's Place Based Impact allocation. SYPA has allocated an initial c.£75m of un-levered equity to this strategy with the objective to support the direct development of affordable, single-family housing in the geographical region of South Yorkshire through a build to rent model.

SYPA aims to facilitate the building of high-quality and sustainable (as measured by an Energy Performance Certificate of A-C) private rental sector housing, with a proportion of units available to eligible tenants at a Discount to Market Rent. SYPA understands that affordability is a key concern for many, and SYPA intends to work with the investment manager to define the appropriate measures of affordability and the achievable Discount to Market Rent across the South Yorkshire region. Through this planned investment, SYPA will aim for a geographical spread of new housing across the four South Yorkshire districts of Barnsley, Doncaster, Rotherham and Sheffield.

The partnership's objective will be to provide SYPA with sustainable long-term income and capital growth, secured against a portfolio of primarily new built private rental sector units in South Yorkshire. Once operationally stable, SYPA aims for the investment to deliver an income yield of 3-4% per annum and a target annual return of 6%. SYPA does not intend to become a registered social housing provider and/or landlord. The total SYPA allocation to this partnership is expected to grow as it is rebalanced in line with the overall pension fund as additional capital will be allocated to the partnership for investment to maintain its target weight within the overall strategic asset allocation. The value of the investment will be a minimum of £75m and could increase to up to £95m, as SYPA aims to maintain a 0.75% weighting of total assets to this mandate.

SYPA does not intend the partnership vehicle to take on planning risk but intends to facilitate the development of housing through investing in a combination of forward funding or forward purchases and / or standing investments. The investment manager will oversee the facilities management and rent collection from these properties where SYPA expects to receive quarterly rental income from the properties, whilst providing institutional funding to meet the affordable housing needs within the South Yorkshire area. The sale of assets will not be prohibited, should the manager deem this to be in the interest of the partnership, however this is not the primary objective.

Further details are set out in the procurement documents.