Real estate services

Tender description

TfL has selected an investment partner to co-invest in a new corporate joint venture vehicle. The vehicle is expected to purchase (on market terms) an anticipated initial portfolio of up to 7 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. The JV may acquire other interests as well. The equity proportions in the JV are 49 % TfL to 51 % private investor. ‘Notwithstanding II.1.2) and II.1.3) above, this exercise is to select an investor only and is not to procure works, supplies or services from either the successful investment partner or the JVCo. Please see section VI.3) for more information.’ TfL has selected an investment partner to co-invest in a new corporate joint venture vehicle. The vehicle is expected to purchase (on market terms) an anticipated initial portfolio of up to 7 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. The JV may acquire other interests as well. The equity proportions in the JV are 49 % TfL to 51 % private investor. As described in the PIN published on 24.9.2018 (2018/S 185-418319), the BtR Investment Partnership (the Partnership) offered 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 initial portfolio currently includes development sites at Nine Elms, Southall, Woolwich, Canning Town, Arnos Grove, Cockfosters and Montford Place. Additional sites were mentioned in the contract notice but have since been removed from the anticipated initial portfolio.