Expressions of Interest as a JV Partner for an Office Development Project in an International Financial Company
Invitation for Expressions of Interest as a JV Partner for an Office Development Project
Background:
The Company is a licensed international financial services institution operating in Nigeria and with a diversified presence across the African continent and other strategic locations in Asia, Americas and Europe.
The Company recently acquired a parcel of land in Victoria Island, Lagos and is currently seeking a Joint Venture (“JV”) development partner for the development of its head office (the “Project”).
Accordingly, the Company hereby invites Expressions of Interest (“EOI”) from suitably qualified firms or consortia for the Project (“Interested Parties”).
The JV Development Partner Selection Process:
The selection process for the developer will be conducted in four (4) major stages as listed below:
(i.) Expressions of Interest
(ii.) Request for Proposal Invitation
(iii.) Request for Proposal Evaluation
(iv.) Bidder(s) Selection Process
The selection process is further detailed below:
(I.) Expressions of Interest (“E0I”)
Experienced national and International developers are expected to express their interests in the Project, either alone or in a consortium with partners.
Following the receipt of the EOIs, the Interested Parties will be prequalified in accordance with the requirements stated below. The pre-qualification criteria will ensure that the selected bidder has the requisite capability in the following areas: technical, financial, regulatory, project managerial and operational expertise.
Pre-qualification requirements:
The key criteria for the pre-qualification process will include but not limited to the following:
(i.) Profile of the Firm/Consortium members:
- Corporate profile of the firm/consortium including: name of the firm/consortium, business history and experience, ownership structure, key shareholders, management team and board of directors etc.
- Contact information, including: details of the key contact person(s)
- Any other information considered pertinent to the EOI and the Project.
(ii) Development and Commercial Capability:
Track record: Detailed description of relevant commercial office and mixed use projects, of a minimum of 10,000m2, successfully executed within the last ten (10) years in similar jurisdictions. This should include the following details:
- Brief description of development(s) and locations
- Percentage ownership stake in the development(s)
- Date completed/Current status and Key Tenants
- Project size: GBA, GLA, Cost (US$)
- Project team
- Details of any special features
- Completed project delivery track record in terms of adherence to cost budget and completion timelines.
(iii.) Financial Capability: Interested parties are expected to have a minimum asset base or fund size of $50m (Fifty Million United States Dollars) available to be deployed to the Project and also demonstrate an ability to raise additional equity and non-recourse debt as required.
The following documents would be evaluated during the pre-qualification process:
- Abridged version of the 3 years audited accounts of the firm and each shareholder/consortium member;
- Evidence of the Firms/Consortia’s capability to attract the relevant financing partners (debt and equity) necessary to execute the deals through previous collaborations and working with respected and experienced partners. This should include: letters from the financial sponsors, relationship banks, etc.
(II.) Request for Proposal (“RFP”) Invitation
Upon the submission of the EOI, the Company will shortlist the qualified firms/consortia and invite the firms/consortia to participate in the RFP process. Further details of the RFP process will be provided to the shortlisted firms/consortia.
(III.) RFP Evaluation
Upon the submission of the detailed proposals, the Company will evaluate the proposals based on design, financial, commercial, project execution and shareholding considerations.
(IV.) Bidder(s) Selection
Following the conclusion of the RFP process, the Company will select preferred and reserve bidders and enter into further direct negotiations with the selected group(s) with the objective of appointing an appropriate partner and executing the relevant agreements to initiate the Project.
Submission Procedures:
Method of the EOI Application:
All applications should be submitted via electronic mail to headoffice.eoi@sprojectoffice.com with the subject title: “EOI for the Head Office Project”. All submissions should be guided by the following criteria:
- All submissions should contain the relevant documentation as stated in section (I) above;
- The documentation submitted should not exceed 5MB;
- The documentation submitted should not exceed 50 pages.
Please note that only successful applicants will be contacted.
Submission Date:
The application should be submitted on or before 2.00pm on March 20th, 2015.
Disclaimer:
Please note that all Interested Parties shall be responsible for any costs and expenses they incur in connection with the selection process. The Company reserves the right, at any time and at its sole discretion, to reject any response to this request for EOIs or subsequent RFP or amend, modify, postpone, discontinue or terminate the EOI and or RFP processes, and will not be liable to any Interested Party or any third party for any costs or expenses incurred by such party in connection with this EOI or subsequent RFP.