Tourism Finance Corporation Land Development Joint Venture Tender
Expression of Interest of a Joint Venture for the Development, Design, Finance, Build, and Operate Watalii Street Plot, Nairobi
Tender Number: EOI/1/2017-2018)
Tourism Finance Corporation (TFC) is a Development Financial Institution and a State Corporation established under the Tourism Act 2011 (formerly Kenya Tourist Development Corporation Act CAP 382 of the Laws of Kenya). The Corporation wishes to develop its plot located in Nairobi CBD.
The Corporation is the legal and registered owner of all that parcel of land LR. 209/7933 situated along the Watalii Street within Nairobi CBD. The Corporation is desirous of partnering in developing a commercial or mixed used facility on the property. The Corporation is therefore looking for a Strategic Partner/Investor who is interested in developing the property through a joint venture. The Corporation’s contribution in this case shall be the land only with vacant possession. All other activities thereon until completion will be the responsibility of the Strategic Partner/Investor.
The objective of the project assignment is to undertake market and financial viability of the project, carry out detailed design, sourcing for finance, construct, operate and transfer at the end of agreed period. The Corporation shall provide the land for development and shall not be involved in developing the property but only be involved in overseeing the project progress as a joint beneficiary of the final returns.
A Joint Venture model with the Strategic Partner will be applied to undertake the development. The Corporation will adopt an arrangement where the Strategic Partner shall at their own cost:-
- Provide a detailed market and financial feasibility study report
- Provide proposals for best use development
- Provide conceptual designs, drawings and layouts
- Provide cost estimates based on the conceptual designs, drawings and layouts
- Give financing strategy and plan of the project
- Provide a marketing plan for a completed project
- Provide proposals for best fee sharing under the Joint Venture
Among some of the main components of the project that would be expected to be captured during design stage includes the following:
- Multi storey office/retail space/complex
- Exhibitor space, Leisure & recreation zone and orchestra Hall
- Parking facilities
The terms of engagement shall be;
- Establish market and financial viability of the project
- Implement the project through a Joint Venture
- Responsible for designing, financing, building, operating & transfer on agreed dates
- Strategic Partner should be a consortium of developers, financiers, and real estate agents
- Lease period for a period between 30 to 35 years
- Annual Lease and fee sharing to the Corporation.
- Review of terms every 5 years
- Transfer terms to be agreed at the time of signing Joint Venture Agreement
Interested eligible consortia may obtain more detailed information by down loading the document from TFC website (http://www.tourismfinance.go.ke ) free of charge, giving details of the company name, contact details (telephone number, address and email) and the contact person.
Completed documents together with accompanying attachments shall be in a plain sealed envelope, clearly marked as stated in the above reference and title and should be addressed to
The Managing Director,
Tourism Finance Corporation,
P.O Box 42013 – 00100,
They shall be placed in the Tender Box at TFC’s Reception, Utalii House 11th Floor not later than 10:00 AM. on the closing date, Friday, 11th May, 2018.
The tenders will be opened immediately thereafter at TFC’s Boardroom in the presence of tenderers or their representatives who may wish to attend.