Originally published in Blakes Bulletin on Real Estate, August 2006
On June 16, 2006, The Honourable Michael M. Fortier, Minister of Public Works and Government Services, issued a request for proposals (RFP) inviting advisers to provide innovative and useful recommendations on Public Works and Government Services Canada’s (PWGSC) real property objectives:
Meet the accommodation requirements of departments and agencies with respect to the quality, location and quantity of office space.
Generate savings through the cost-efficient management of properties.
Ensure properties under PWGSC’s stewardship are appropriately maintained given the requirements of an ageing portfolio and compliance with federal government legislation, policies and standards.
The RFP will focus on 35 properties in Ontario, Québec, Manitoba, Alberta and British Columbia that are part of PWGSC’s inventory, which represent more than half of the estimated value of the entire inventory and recapitalization requirements and are mostly located in areas that carry significant real estate challenges.
Each bidder must demonstrate in writing that it meets certain mandatory requirements:
The bidder must have had in the last seven years a minimum of five consecutive years experience in the Canadian real estate investment market
The bidder must have had in the last five years experience in the advisory, sale, securitization and/or recapitalization of Canadian real property portfolios with a transaction value of CAD 150 million or more, and provide the name of two proposed resources who have performed a lead role in the advisory, sale, securitization and/or recapitalization of Canadian real property portfolios with a transaction value of CAD 150 million or more in the last five years.
The proposal must be signed by the bidder or an authorized representative of the bidder.
PWGSC may enter into an agreement with the bidder of the highest-ranked and/or second-ranked proposals, with successful bidders potentially being awarded a contract to act as a real estate financial adviser (Adviser) to PWGSC to provide advice and recommend various strategic options to enable the Real Property Branch to meet its objectives in ways that provide best value to the Crown. If PWGSC receives approval to proceed with a transaction as a result of the RFP, the Adviser will be offered the opportunity to implement such a transaction, subject to agreement on implementation terms, including compensation, as well as completion of the transaction within 12 months of the date of award of a contract resulting from the RFP.
The RFP expired on July 12, 2006. The cost of the contract has been capped at CAD 500,000, exclusive of GST, and it is expected that the Advisers will complete their work in the first six months of 2007.
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