ERAFP launches call for tender to select SRI real estate portfolio managers for France and Europe
- 17 January 2022
Paris, 17 January 2022 – In connection with the renewal of its mandates, the French public service additional pension scheme (ERAFP), is launching a call for tender to award eight management mandates (four active and four stand-by) for existing real estate portfolios.
The tender will comprise two lots, each with two active mandates:
- lot 1, consisting of two SRI unlisted real estate portfolios located in France
- lot 2, comprising two SRI unlisted real estate portfolios located in Europe.
The four managers appointed for the active mandates will each manage an existing core portfolio of real estate assets, together with the underlying properties, including carrying out acquisitions and disposals of these assets as applicable, managing the holding structures and, where necessary, structuring external financing.
These duties will be performed in accordance with ERAFP’s SRI criteria and with a view to supporting the Scheme in implementing the climate commitments it has made as a member of the Net Zero Asset Owner Alliance (NZAOA).
The indicative target amount for each lot will be €2.5 billion. This amount could be revised upwards or downwards, depending on factors such as decisions taken by ERAFP’s Board of Directors, ERAFP’s market forecasts and the asset managers’ performance.
The contract is for an initial term of 8 years and ERAFP may renew it for two successive two-year periods. Four of the eight mandates awarded are stand-by contacts, which means that ERAFP can decide whether to activate them or not throughout this period.