Build to Rent Joint Venture Investment Partner

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.