REQUEST FOR EXPRESSION OF INTEREST FOR THE DEVELOPMENT OF A 1, 000 BED CAPACITY STUDENT HOSTEL UNDER A BUILD-OWN-OPERATE-TRANSFER MODEL
Afrinvest (West Africa) Limited (“Afrinvest”) has been appointed as Financial Adviser to a private university in Nigeria (the “University”). The University has a goal to train leaders and to serve as a stimulus and agent of economic development in Nigeria and Africa at large. The University is expanding its course offerings in the Sciences, Technology and Engineering disciplines which will increase student enrollment by up to 1,000 over the next 4-years. As such, the University needs to increase its student accommodation capacity by 1,000 bed spaces within the next 2-4 years.
Afrinvest hereby invites interested real estate developers, construction firms and financial investors who have relevant experience in building student hostels to express their interest for the build, own, operate and transfer of a 1,000 capacity student accommodation with a concession period of 10-15 years.
Typical Room Design Requirements
The University’s current student accommodation incorporates a range of lectures and design layouts as follows:
- Single bed space layout, double bed space layout, triple bed space layout and Quadruplet bed space layout.
- Room size can range from 15sqm-35sqm depending on the bed space configuration.
- Each bed space comes with a standard set of furniture including a reading desk with chair, wall bookshelf, wardrobe, bed, mattress and pillow.
- All rooms are air-condition and come with an en-suite bathroom including a shower cubicle, a water closet and a sink in an arrangement where 2-to-3 people can use the facilities at the same time.
Other Design Requirements
The hostel building should have other essential design features including:
- Reading rooms on each floor with appropriate sounding proofing.
- Students Lounges, Common Room, Indoor Sports Facilities, Staff Offices, Truck Shop, Laundry Facility, Café, Hair Saloon, Sick Bay.
- Visitors Lounges/Washing area/
- Adequate external works e.g. Outdoor lighting, walkways, manholes, septic tanks, storm water drains etc.
- Refuse handling facilities and a chute.
The University prefers that the student accommodations are delivered over a four-year period in the following phases:
Phase 1 2020/2021 Delivery of 250-bed spaces by August (Fall) 2020
Phase 2 2020/2021 Delivery of 250-bed spaces by January (Spring) 2021
Phase 3 2021/2022 Delivery of 250-bed spaces by January (Spring) 2022
Phase 4 2022/2023 Delivery of 250-bed spaces by January (Spring) 2023
Each bidder or bidding consortium must show that it has the technical capability, experience and expertise (either directly or through the use of the parties such as consultants or contractors etc.) to design, construct and operate the Hostel. Appropriate experience in similar projects is essential.
Each bidder or bidding consortium must demonstrate significant technical experience of a minimum of two (2) similar projects with at least one (1) in student accommodation with at least 300 bed-spaces. A description of each project should be presented.
- Name of Project; Brief Description and Client(s)
- Scope of Work; Role, Contact Value; Nature of Contract (Concession, Lump Sum etc.) and Contractual Period
- Name and Address of related Client’s referee
Each Bidder or Bidding Consortium MUST show evidence of strong financial capability, with the ability to directly or indirectly arranged financing for the construction on the back of a revenue guarantee from the University. This will be done by providing:
Evidence of the Bidder’s or Bidding Consortium’s specific experience as project sponsor in raising the equivalent of at least N5bn in total financing for previous projects, including a description of the projects, the role of the project sponsor in obtaining financing, a summary of the amounts and types of financing raised.
Any relevant information that demonstrate credibility and eligibility for the Transaction.
Submission of Expression of Interest
The Head, Investment Banking Division
Afrinvest (West Africa) Limited
27, Gerrard Road, Ikoyi
Tel No: +234 1270 1680 Ext: 313;
Mobile: +234 816 010 6231, +234 816 982 2600
- Electronic copies should be delivered to [email protected] (where there are conflicting information between the electronic copies submitted and the physical copies, the information in the physical submissions would be used).
- A non-refundable fee of N200,000 (Two Hundred Thousand Naira) only will be required for the EOI application process. The EOI application fee should be issued in the form of a bank draft in favour of Afrinvest (West Africa) Limited.
EOI Supporting Documentation
- Full name of the Bidder or Bidding Consortium and contact person, postal address, telephone, e-mail address and website URL (if any).
- Brief description of the history and business of the Bidder/Bidding Consortium
- Ownership structure including name(s) of shareholders with more than 10% stake either directly or indirectly
- Company registration including Certificate of Incorporation, certified true copies of Memorandum and Article of Association and CAC Form C07 or the equivalent
- In case of a Bidding Consortium evidence of alliance/partnership/joint venture between members in the consortium clearly indicating the lead entity authorized to submit the EOI
- Most recent 3-Years Audited Financial Statements and latest Management Accounts if available
- Evidence of Technical Capacity to undertake the project
- Evidence of financial capacity to deliver the project as contemplated
Upon receipt and evaluation of the EOIs, a shortlisted of developers/investors will be prepared, and shortlisted prospective investors will be contacted and advised on the next steps.
Afrinvest shall not be responsible for the cost of any submission of EOIs or any loss suffered by such submission.
For further clarification or enquiries, prospective investors may obtain further information from Afrinvest at the address stated above.
By submitting an EOI, an interested party confirms that it is a person able to receive the information provided to it (or which may be provided to it in any subsequent phase) without contravention of any unfulfilled registration requirements or other applicable legal or regulatory restrictions in the jurisdictions in which it resides or conducts business.
Afrinvest acting on behalf of the University, reserves the right to accept or reject any submission, and to amend or discontinue the Transaction at any time, without any obligation to provide reasons for its decision. Afrinvest is acting exclusively for the University and no one else in connection with the Transaction.
SOURCE: DAILY TRUST