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Works for complete or part construction and civil engineering work.

Voluntary ex ante transparency notice: Network Rail Property Regeneration Partnership (London and South East).

The competitive process as advertised envisaged that the property regeneration partnership (incorporated as Solum Regeneration Limited Partnership (Solum LP)) would contract with Network Rail to take a transfer of a portfolio of sites to be developed in accordance with the objectives of Network Rail and to deliver profit to both Network Rail and the DDP as well as improving facilities for Network Rail such as delivering station developments. New properties could be developed through sister partnership vehicles created specifically for the purpose. The original procurement envisaged that all stations in London and the South East owned by Network Rail would potentially be available for inclusion. An initial 8 sites located within Greater London and the South East were identified as being included in the property portfolio to be transferred to Solum LP for development (although not all of these sites were ultimately progressed). However, the contract notice envisaged that additional properties could later be transferred to Solum LP, stating that it was Network Rail~s intention to offer the partnership further properties to purchase in the future. On 19.12.2014, the duration of the partnership was extended by ten years to 30.7.2028. The Limited Partnership Deed also envisaged that Kier could transfer its interest in Solum LP to a third party any time after five years after the date of the Partnership Deed (i.e. from 31.7.2013 onwards). Consistent with the documentation referred to above: Kier is selling its interest in the Solum LP to Solum Holdings Limited (a company owned by the Capco corporate group) which will develop properties under the existing property regeneration partnership arrangements; Kier will deliver and complete existing properties which it is currently developing and may be offered future projects for development under sister partnerships established under the originally procured arrangements; and Further sites will be developed. The size of these development projects is estimated to be in the range of a net development value of 20 000 000 GBP to 450 000 000 GBP each. These projects may involve complex interface issues with railway infrastructure, such as rafting over operational lines. A condition to the transfer of each property to Solum LP/the relevant sister partnership in line with the original documentation is Solum LP having demonstrated to Network Rail~s satisfaction that it has secured funding in the form of third party debt finance and the provision of a funding commitment from the limited partners. For future sales, this will be clarified so that the funding condition will be Solum LP having demonstrated to Network Rail~s satisfaction that adequate funding has been secured for the relevant development

Contractor name : SOLUM REGENERATION LIMITED PARTNERSHIP

Contractor address : Tempsford Hall, Bedfordshire

SG19 2BD Sandy

UNITED KINGDOM

Financier : -

Implementing agency : Network Rail Infrastructure Limited

1 Eversholt Street

Contact point(s): Head of Development, Property

For the attention of: Stuart Kirkwood

NW1 2DN London

UNITED KINGDOM

Telephone: +44 7801908178

E-mail: stuart.kirkwood@networkrail.co.uk

Internet address(es):

General address of the contracting authority/entity: http://www.networkrail.co.uk

Country :United Kingdom

Email : simon.rutter@kier.co.uk

Url : http://www.solumregeneration.co.uk

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Publication:Mena Report
Geographic Code:4EUUK
Date:Apr 18, 2015
Words:549
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