Coffee break

Sessions resume at 11.05 am

ULI UK Public Private Partnership Seminar 2019

11:05 am Brent Cross South – Argent Related and Local Borough of Barnet

Karen Mercer, Project Director, Brent Cross Programme

Andre Gibbs, CEO of the Brent Cross South development and Partner, Argent Related

11:30 am Panel discussion

Emma Cariaga, Head of Operations, Canada Water, British Land

Graeme Craig, Commercial Development Director, TfL

Colm Lacey, Managing Director and Chief Executive Officer, Brick by Brick

Frederique Jungman, Senior Project Manager, Business Strategy Unit, Argent (moderator)

12:15 pm Closing remarks

12.30 pm Close

ULI UK Public Private Partnership Seminar 2019

Brent Cross South – Argent Related and Local Borough of Barnet

Karen Mercer, Project Director, Brent Cross Programme

Andre Gibbs, CEO of the Brent Cross South development and Partner, Argent Related

(PDF Presentation + Photo)

ULI UK Public Private Partnership Seminar 2019

A major regeneration project by Argent Related in partnership withBarnet Council

Presenter Name

Date 2018

BRENT CROSSIN CONTEXT

BRENT CROSSSOUTH

GREATER LONDON CONTEXT

STANSTEDLUTON

HEATHRO

W

CITYGATWICK

RAIL & TUBE CONNECTIONS

NORTH LONDON CONTEXT

BRENT CROSSA MAJOR REGENERATION

BRENT CROSSSOUTH

BRENT CROSS TODAY

BRENT CROSS TOMORROW

View looking south

BRENT CROSS: MAJOR REGENERATION

§BRENT CROSSSOUTH

BRENTCROSS WEST

BRENTCROSS,

LONDON

– Brent Cross London:

Hammerson and

Aberdeen Standard

Investments

– Brent Cross West

Thameslink: Network

Rail

– Brent Cross South:

Argent Related

– 370 acres

– £4.5bn regeneration

View looking south

BRENT CROSS, LONDON TODAY

BRENT CROSS, LONDON - CONSENTED

– £1.4bn

redevelopment

– Over 200 retail

brands

– 40 new restaurants

– Cinema and leisure

complex

– Hotel

– Enlarged bus station

– Improved public

spaces

BRENT CROSS WEST: NEW THAMESLINK STATION

BRENTCROSS WEST

View looking south

– Open and operational

by May 2022

– 12 minutes to King’s

Cross

St. Pancras (Eurostar)

– 15 minutes to

Crossrail (Elizabeth

Line)

– 4 trains per hour in

both directions

– £250 million of rail

transport investment

NEW THAMESLINK STATION – OPENING MAY 2022

• Funded by partnership between HMG, GLA and LBB

• Programme• Work commenced on new sidings

and related compounds (Jan 2019)

• Commission new South Sidings (Nov 2019)

• OJEU procurement underway for Station contract award (Oct 2019)

• Station construction start (May 2020)

• Station opening (May 2022)

THAMESLINK WORK PACKAGES

BRENT CROSS SOUTH: A NEW TOWN CENTRE

§BRENT CROSSSOUTH

View looking south

BRENT CROSS SOUTH MASTERPLAN

– 180 acres including 60 acres of playing

fields

– 10+ million sq ft mixed use development

– Outline planning permission granted and

first residential buildings approved

– 3+ million sq ft offices

– Over 25,000 new jobs created

– 6,700 homes

– 460,000 sq ft retail, leisure and sports

facilities

– 3 new and improved schools plus

community spaces

– 8 public squares, 7 new and improved

parks

– Construction is scheduled to start in 2019

CHOOSING ADEVELOPMENTPARTNER

BRENT CROSSSOUTH

“It is important to this council that we create a living, thriving neighborhood with a real sense of place.

We want to create a new town centre that will set the standard for developing successful new neighbourhoods in London.”

Richard Cornelius Leader of Barnet Council

AMBITION & OPPORTUNITY

LBB SEARCH FOR PARTNER

• What LLB were looking for (5 requirements)

• Partner to develop a long-term collaborative, transparent and mutually beneficial working relationship

• Excellence in Placemaking

• Stewardship of place and good estate management

• Opportunity to generate long term returns and participate in growth

• Early and significant start on site, followed by continued and sustained delivery

LBB SEARCH FOR PARTNER

• Procurement Process – Four stage OJEU procurement process

• Pre-Qualification Questionnaire (issued July 2014)

• Invitation to Negotiate (shortlisted 4 bidders Oct 2014 – closing date 29 Jan 2015)

• Pre Contract Business Plan stage (Argent Related selected as single party in February 2015)

• Contract Award – March 2016

LBB SEARCH FOR PARTNER

• Why Argent Related?

• Approach to Partnership – most closely aligned with the Council’s objectives and 5 requirements

• Experience / track record

• Capacity and resources to deliver

THE DEVELOPER

King’s Cross, London Hudson Yards, New York

VISIONANDAMBITION

BRENT CROSSSOUTH

VISION & AMBITION

Our vision is to deliver a

significant, new town

centre for London.

Our town centre will

offer the best of

London’s long

established

neighbourhoods with

all the attraction,

complexity, character

and chance of delight

and surprise

that they can bring.SUCCESSF

UL

PLACES

CULTURE – FOOD – PLAY – SPORT

OFFICES & WORKING

Up to 25,000 workers will benefit from end-to-end tenant service

and flexibility.

Workspaces are being designed to attract a broad range of

people and organisations: from small, local businesses to large

corporates looking for a campus opportunity.

HOMES & LIVING

A great place to live both for existing residents and for those

that will choose Brent Cross South as their home in the future.

6,700 new homes ranging from small studios through to large

family properties will provide a balanced community and

opportunities for many.

HOMES & LIVING: THE FIRST RESIDENTIAL BUILDINGS

APPROVED

HOMES & LIVING: THE FIRST RESIDENTIAL BUILDINGS

APPROVED

HOMES & LIVING: THE NEXT RESIDENTIAL BUILDINGS – FOR RENT

(CONCEPT IMAGE)

35

HOMES & LIVING: THE NEXT RESIDENTIAL BUILDINGS – FOR RENT

(CONCEPT IMAGE)

THEPARTNERSHIPSTRUCTURE

BRENT CROSSSOUTH

THE DEAL

• Argent Related is involved in 2 capacities:

1. 50:50 Shareholder with LB Barnet and Developer for “BXSLP”, the Master Developer

2. Developer of individual plots through SPVs

THE MASTER DEVLEOPER – BXSLP

• 50:50 JV Between Argent Related and LB Barnet

• Assembles the land (Council and Third Party land; private treaty and CPO)

• Delivers infrastructure

• Sells serviced plots to Argent Related SPVs and potentially other third party plot developers

• AR earns DM fees and a Priority Return for MD activity

• LBB earns all of the uplift in land receipts (net of infra and other servicing costs) from plot sales on Council Land (approx. 92% in initial phases, approx. 45% overall) – Council Land Contribution, or “CLC”

• LBB and AR share the uplift in third party land acquired through the JV

ARGENT RELATED PLOT DEVELOPER SPVs

• Purchases serviced plots from BXSLP at fair market terms at the point of drawdown which:

• Are unencumbered

• Have planning permission

• Have funding and construction team in place

• Pass viability tests

• Oven ready, basically

• Plot valuation methodology based on known inputs and professionally advised assumptions avoids having to take each plot to the open market.

• The council has choices on how it receives its CLC, including: up front cash, back ended cash, investment in kind or investment/participation in the Plot SPV.

• Process designed to ensure “best consideration” achieved on a phase by phase basis.

PRECONDITIONS

• LBB places Station Contract

• Funding in place for strategic infrastructure

• Hammerson Aberdeen Standard “go Unconditional” on the shopping centre enhancement

PRECONDITIONSor “everyone has a plan until they get punched in the face”

• LBB places Station Contract

• Funding in place for strategic infrastructure

• Hammerson Aberdeen Standard “go Unconditional” on the shopping centre enhancement

“Following our decision in July to defer the start of the extension project, the joint venture has been working with Barnet Council and Argent Related to advance the wider Brent Cross Cricklewood regeneration programme and progress outstanding issues in preparation for future delivery.

This includes plans that will allow Brent Cross Thameslink to commence the new Brent Cross West Thameslink station and Brent Cross South to commence the mixed-use regeneration to the south, ahead of the retail and leisure extension to Brent Cross.”

FOLLOW US:

www.brentcrosssouth.co.uk @argentrelated

Panel discussion

Emma Cariaga, Head of Operations, Canada Water, British Land

Graeme Craig, Commercial Development Director, TfL

Colm Lacey, Managing Director and Chief Executive Officer, Brick by Brick

Frederique Jungman, Senior Project Manager, Business Strategy Unit, Argent

ULI UK Public Private Partnership Seminar 2019

• 18 March – Young Leader Mentorship Programme Launch

• 20 March - ULI NEXT: Leadership Breakfast with Jeremy Newsum, London

• 28 March - Capital Markets Masterclass with Ric Lewis, Tristan Capital Partners, London

• 28 March – ULI Midlands: The Only Way is MMC?, Birmingham

• 2 April - ESG & Capital Markets: Green Buildings, Are there Financial Benefits, London

• 10 April – Young Leaders: Bloomberg London Building Site Tour

• 1 May – ULI UK Fund Managers Symposium, London

• 2 May – Health & Wellbeing Research Launch, Birmingham

• 22 May - ULI UK Product Council Day, London

• 23 May - ULI UK Annual Conference, London

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