ID Manchester

Description

The University of Manchester is seeking a long term investor and development Partner who will invest in and bring forward the development of the ID Manchester Site in a Joint Venture with the University as a mixed-use community in order to deliver the Vision. Lot 1: The University of Manchester is seeking a long term investor and development Partner who will invest in and bring forward the development of the ID Manchester Site in a Joint Venture (the “JV”) with the University as a mixed-use community in order to deliver the Vision. The Vision for ID Manchester is based around three key pillars, which in summary are: • WELCOMING: ID Manchester will be open, inclusive, intelligent, welcoming and fun. A model of successful urban regeneration where local communities can engage with new technologies, ideas and experiences. • SUPPORTING : By seeking out diverse occupiers (by sector, scale, and outlook) and actively promoting collaboration through formal and informal structures, programming and facilitated interaction, ID Manchester will create the ideal platform for accelerated business growth. • ADAPTING: By establishing a set of clear, effective and market responsive strategies and governance structures, ID Manchester will enable businesses to truly benefit from the wider innovation ecosystem, research assets, talent pool and influence of the University. The University’s equity contribution to the JV will be the ID Manchester Site via long leasehold transfers on a plot-by-plot basis, subject to the satisfaction of certain pre-conditions. The Partner will provide cash equity funding into the JV. The Partner will also provide services to the JV, envisaged to be business and development management services, with investment management services procured by the JV as such services are not required immediately (although this may be included if specific to a Bidder's offer). The Partner will propose its fee/incentivisation structure for such services. The University will hold a significant equity stake (no less than 35%) in the JV with decision making within the JV being on an equal basis alongside its Partner, recognising the University’s value as a JV partner. The University is therefore seeking a Partner who has experience in, and is able to: • demonstrate long-term partnership working approaches, a commitment to partnership and communication at all levels of the Joint Venture through all phases of the delivery of the Vision over the long-term; • provide a high-quality, experienced team with exemplary and transferable skills, which are considered capable of delivering the Vision and Objectives; • demonstrate creativity and a detailed understanding of how best to deliver the Vision; • demonstrate they have the financial wherewithal to fund their equity commitments and secure funding to ensure development is capable of taking place. It is envisaged that the JV will establish special purpose vehicles to bring forward the development of the ID Manchester Site on a plot-by-plot basis to enable each plot to be separately funded by way of external debt. The University’s preference is for ID Manchester to be delivered holistically and not be seen as a plot-by-plot investment by Bidders. On completion of its new engineering campus on Oxford Road, the University plans to vacate the ID Manchester Site but will continue to occupy accommodation at the South end, where it has significant business-facing research activity. It is anticipated that the JV (itself or through or SPVs wholly owned by the joint venture) will develop a masterplan for the JV, secure planning, procure and carry out all infrastructure works on a site-wide basis, secure development of the ID Manchester Site, secure occupiers, manage the estate (potentially via management company) and hold the developed ID Manchester Site as a long-term investment asset. The University may request that the JV undertake development on its behalf on land to be retained by the University (adjacent to the Masdar Building and/or next to the MIB). This is envisaged to be under licence but the commercial/financial terms for any development would be agreed between the University and the JV at the time.