Published date: 24 September 2018
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Real estate services - 70000000
Location of contract
London
Value of contract
£20,000,000
Procurement reference
TfL 93754
Published date
24 September 2018
Closing date
24 October 2018
Contract start date
1 July 2019
Contract end date
30 June 2048
Contract type
Not applicable
Procedure type
Other: Competitive procedure outside the Regulations
Contract is suitable for SMEs?
No
Contract is suitable for VCSEs?
No
Description
TfL is seeking to appoint an investment partner to co-invest in a new corporate joint venture vehicle. The vehicle shall have the right to purchase (on market terms) an Anticipated Seed Portfolio of up to 10 sites currently in TfL' s ownership in the expectation that, thereafter, it shall develop private rental units (Build to Rent (BtR) units) on those sites. TfL expects the equity proportions to be 49% TfL to 51% private investor.
The BtR Investment Partnership (the Partnership) will offer a rare opportunity to invest in BtR across London at a considerable scale.
The Partnership will have the ability to achieve significant scale through potential access to TfL's wider landholdings, which includes in excess of 400 sites across London and the potential to deliver tens of thousands of homes. The Anticipated Seed Portfolio has excellent diversification across London in terms of scale, location and accessibility, with the potential to deliver in excess of 3,000 units over the next five to ten years. The Anticipated Seed Portfolio currently includes development sites at Nine Elms, Southall, Woolwich, Canning Town, Arnos Grove, Cockfosters, Hounslow West, Montford Place, Newbury Park and Wembley Park. In addition to investing in direct delivery, it is envisaged that The Partnership may seek to acquire units in completed developments.
This exercise is to select an investor only and is not to procure works, supplies or services. TfL is looking for an investment partner with experience of investing in build to rent developments in order to maximise the capital value of its surplus sites. It will therefore will be testing for the appropriate investment experience that will leave the resulting JV well placed to appoint an appropriate and cost effective supply chain once the business is underway in order to maximise return at investment level, not at supply chain level.
For more information please email TfLBtR@savills.com or visit https://sites.savills.com/TfLBtR, from which you can access the following additional documents:
- Investment Memorandum
- Expression of Interest form and questionnaire
About the buyer
Contact name
Benjamin Kennedy
Address
55 Broadway
London
SW1H 0BD
England
Telephone
07515 501040
Website
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Closing: 24 October 2018
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