Ruislip Depot Development Opportunity

Places for London Limited (Places), via its wholly owned subsidiary, TTL Ickenham Properties Limited (TTL), wishes to participate as member in Ickenham Properties LLP (LLP). Places will contribute to the LLP land in the vicinity of Ruislip Depot which immediately adjoins land to be owned by the LLP, which will be responsible for seeking planning permission with the ultimate aim of developing the combined sites (Site). The LLP has already appointed BDW Trading Limited (BDW) as the business and development manager, which will be responsible for delivering the objectives set out in the LLP's business plan.

TTL intends to enter into a members' agreement with respect to the LLP alongside BDW. The members' agreement will not have a fixed duration. However, the estimated duration of the members' agreement will be 40 years, taking into account the time required to obtain planning, complete any development, and the duration of any guarantees.

The contract value has been estimated on the assumption that the opportunity for BDW to form a joint venture with TTL to develop the Site may be characterised as a form of service concession contract. This is on the basis that main part of the consideration for the supply of any services by BDW to the LLP is the right to exploit those services by taking a share of the profits in any completed development. As such, the estimated value has been calculated in accordance with paragraph 3(3) of Schedule 3 to the Procurement Act 2023 and is based on anticipated fees payable to BDW in its capacity as the business and development manager, an estimate of the earnings of BDW arising from its equity participation in the LLP and the value of Places' land contribution and takes into account potential future expansion of the development opportunity.