Tender

Build to Rent Joint Venture Investment Partner

TRANSPORT FOR LONDON

This public procurement record has 1 release in its history.

Tender

24 Sep 2018 at 08:19

Tender Notice
Summary of the contracting process

Transport for London is currently in the tender stage for the project titled "Build to Rent Joint Venture Investment Partner". This initiative is set within the real estate services sector and targets London. The tender was published on 24th September 2018, with a deadline for submissions set for 24th October 2018. The project is valued at £20 million and seeks an investment partner to co-invest in a new joint venture focused on developing Build to Rent units across various TfL-owned sites, potentially delivering over 3,000 housing units in the next five to ten years.

This tender presents a significant opportunity for businesses specialising in real estate investments or development, particularly those experienced in Build to Rent models. Firms that can demonstrate relevant investment experience in large-scale residential projects may find this venture highly compatible with their capabilities. The growing demand for rental properties in London offers a fertile ground for investors looking to expand their portfolios in the booming property market.

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Notice Information

Notice Title

Build to Rent Joint Venture Investment Partner

Notice 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

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-7b68fbc1-8f74-4698-b951-e7c8cc37657f
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/fdab6d5c-0dcf-4a75-9d1b-fbcc554bcdc1
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Other - Competitive procedure outside the Regulations
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

70 - Real estate services

CPV Codes

70000000 - Real estate services

Notice Value(s)

Tender Value
£20,000,000 £10M-£100M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
24 Sep 20187 years ago
Submission Deadline
24 Oct 2018Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Jun 2019 - 30 Jun 2048 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
TRANSPORT FOR LONDON
Contact Name
Benjamin Kennedy
Contact Email
tflbtr@savills.com
Contact Phone
07515 501040

Buyer Location

Locality
LONDON
Postcode
SW1H 0BD
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
TLI London
Local Authority
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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