Havering Estate Regeneration Partner – Property/Asset JV Company

Description

LB of Havering (‘the Council’) entered into a contract for up to 30 years for a partner to form a long-term corporate joint venture (‘JV’) property vehicle to secure investment and expertise to deliver Havering’s housing led regeneration strategy, entered into 27 April 2018 (‘the Contract’). The opportunity was advertised in OJEU (2017/S 094-185114) and procured under the Concession Contracts Regulations 2016. Further details of the original Contract are in that OJEU Notice. The Contract includes a Members’ Agreement (MA) and Development Agreement (DA) with the JV LLP and other ancillary documents. The Council has made additional funding available, refreshed the JV’s business plan and modified the DA. Further information can be found in the Council’s supplement document, at the web address in section II.2.4) below. The information in the supplement document should be read in conjunction with this notice and both documents should be considered as a whole. Lot 1: Further info is at https://www.havering.gov.uk/downloads/download/876/veat_notice_supplement_documents The Council has: 1) Made additional GBP 58.3 million equity funding available to JV. Also, refreshed JV business plan (BP) to include Council forward funding of GBP 45.4 million for phase 1 (in the light of additional 53 affordable housing units and reduction of open market units from 1085 to 934, changes to design and other factors); 2) Refreshed JV BP to remove Delta estate; 3) Refreshed JV BP to include addition of further sites; 4) Amended DA to bring forward timing of demolition of Waterloo Estate and Council providing additional GBP 7.8 million financing in place of debt funding (some changes to be made by variation to the DA and a new supplemental dev agreement with JV). Est value in II.1.7) and V.2.4) is projected value of modified contract. Please note, the duration field takes into account the fact that the concession started 11 December 2020.