TfL tender proves popular
Fri 17th April 2015, 9:54 am
The Transport for London (TfL) search for a property development partner has had a successful first stage: over 50 pre-qualification questionnaires (PQQs) were submitted by property companies.
The tender process was announced in February. At stake is a partnership with TfL to redevelop a significant proportion of its 2,306-ha estate to generate up to £3.4 billion in non-fare revenues in the coming decade.
Submitted questionnaires are being evaluated, after which shortlisted companies will be asked to engage in "a competitive dialogue".
For the last stage, the few remaining companies will be invited to submit final tenders.
TfL expects to announce a partner late 2015.
Graeme Craig, director of commercial development at TfL, said: "We have had a fantastic response to our tender. We have started evaluating the PQQs and the number and quality of companies who have submitted is impressive.
"When we have our framework in place it will provide the opportunity to develop some of our assets across the capital to help us realise the long-term value of our estate while creating the houses, jobs and economic growth to support London's growing population."