JOINT VENTURE DEVELOPMENT
With a vision of becoming the real estate provider of choice in Africa, the Joint Ventures (JV) Department of the Corporation operates with a mandate of carrying out Real Estate related Public Private Partnership ventures on behalf of the Corporation and by extension, Lagos State government. Working with the orientation of a fully commercialized entity, the JV Department goes beyond the primary model of direct partnerships with credible partners in redeveloping/developing assets within the LSDPC portfolio; the JV Department also brokers transactions between credible land owners and financier/developers with capacity to deliver contemporary projects. The department goes further to lend the LSDPC brand to promote other projects that satisfy its due diligence checks.
The above are just to mention a few activities of the Joint Ventures Department of LSDPC which brings to bear the willingness of LASG to create an enabling environment for all stakeholders who are in alignment with its vision of a globally competitive Lagos.
The Processes listed below is our commitment towards transparency and creating a levelled playing field whereby every proposals submitted by prospects with requisite competence and capacity are assessed based on merit..
Joint Venture Process
1. Submission of Assessment Form alongside supporting documents
2. Formal meeting with qualified Prospects (Within 15-Working Days)
3. Issuance of Request for Proposal (RFP)
4. Comparative Assessment of proposals for shortlisting
5. Presentation of shortlisted proposals to Management Investment Committee (MIC)
6. Final Due Diligence meeting with preferred prospect
7. Executive Approval is obtained and Mandate Letter is issued to preferred prospect
8.Pre-JVA meeting and joint appointment of Project Technical Consultants and PM
9. Production of detailed Contract Documents for Joint Venture Agreement (JVA)
10. Execution of JVA, Formal Site Handover and Project Commencement.
Please Note: Failure to fulfil Financial (Project Account/Performance Bond) and Technical (Main and Sub-Contractors) requirements within 90-Days from obtaining a Mandate Letter nullifies all discussions and first runner up proposal is revisited..
