Experience

Real Estate

RESIDENTIAL VILLA DEVELOPMENT
Dubai
Financial Advisor

Provision of support to two developers in their joint venture development of a new residential community at Jumeirah Golf Estates in Dubai. Our role includes:
  • Working with senior management to determine/calculate:
    • The revenue generated by sale of the villas, and the profile for when these monies will be received (including pre-sales)
    • The costs (construction, sales and marketing, legal, funding etc.) associated with the Project
  • Construction of a cash flow financial model to determine:
    • The total financing required to support the project (i.e. the funding gap)
    • The relationship between changes in the pre-sales profile and the overall quantum of financing required
  • Preparation of an Information Memorandum for the Project, including:
    • Overview of the project
    • Summary information of the developers
    • The proposed project transaction structure
    • The base case assumptions and results
    • Sensitivity results
  • The design and facilitation a funding competition for the project, including:
    • Marketing the project to a long list of potential funders
    • Facilitation of the initial shortlisting exercise to select funders to take forward to competition
    • Meeting and negotiating legal documents with the preferred funder or funders
 

HOTEL & BEACH CLUB
Dubai
Lead Advisor

Provision of support to a private sector developer to developing funding structures capable of delivering capital projects and infrastructure in Dubai, without the use of government backed guarantees.Our role included:
  • Working with senior management to formulate a commercial strategy for the project
  • Liaising with funders (both local and international) and lawyers to develop commercial SPV structures which provide funders with sufficient security, while minimising the balance sheet implications of the transactions
  • Building (from first principals) bespoke financial models to understand the economic drivers of projects and the associated whole life costs
  • Preparing Information Memorandums and undertaking 'soft' funding competitions
  • Meeting with public sector clients to present structures and potential funding options
 

ADNOC OFFICE ACCOMODATION*
Abu Dhabi
Financial Advisor

Financial and commercial advice to Abu Dhabi National Oil Company (ADNOC) to quantify its options in relation to its 20 year real estate strategy. The assessment:
  • Forecast the likely floor area requirements over the 20 year period, across a range of head count and m2/pp scenarios
  • Compared the cost of a High-Rise Tower vs. Ground Scraper options
  • Calculated the likely outturn construction costs and internal / third party lease costs under each option
  • Compared the overall NPV of each option again the base case
 

DUBAI WORLD TRADE CENTRE
Dubai
Financial Advisor

Support to Interserve International and Khansaheb on their bid for the construction and financing of a mixed use development at Dubai World Trade Centre.

The project included the construction of a hotel, a nine story office building and associated site infrastructure. DWTC required construction companies to bring the associated financing for the project. Our role included supporting Interserve and Khansaheb in developing the Export Financing structure and the funding model to support their bid for the project.

 

UNION SQUARE PPP PROJECT*
Dubai
Lead and Financial Advisor

Leadership of the transaction advisory team (financial, legal and technical) that advised the Roads Transport Authority on their Union Square PPP Project.

The Union Square Project is a mixed site development of residential housing, retail and other commercial activities (including a 3 to 4 star hotel) delivered through PPP procurement. Stephen was responsible for the delivery of all advice to the client and for liaising with the Key project stakeholders including the Chief executive of Strategy and the Chief Executive of the RTA Rail Agency.

 

WORKER ACCOMODATION
Dubai
Lead and Financial Advisor

Support to a private sector developer seeking to provide worker accommodation to a public sector entity within Dubai.

We worked alongside both the developer and the public sector entity to develop a commercial structure capability of delivering an economically viable project. As a result, the Affric team has developed a bespoke model to determine the optimum room allocation to meet the ongoing demand for accommodation while generating sufficient revenue to support debt repayments for the project.

 

Infrastructure

EDUCATION

NEW SCHOOLS
Dubai
Lead Advisor

Provision of support to a private sector entity to develop the business plan for its investment into the development of new schools in the UAE. Our role included:
  • Working with senior management to identify the size of the opportunity and the potential route to market
  • Developing a bespoke 25 year financial model to determine the whole life cost of the project, and the potential inventor returns
  • Undertaking substantial sensitivity analysis to determine the key drivers and business variables for the project
  • Preparing a detailed business case for submission to the UK Board
 

EDUCATION PPP*
UK (Various)
Public Sector Lead Advisor

Lead advisory services on the Public Private Partnership procurement of education facilities through the UK 'Building Schools for the Future' Program. Projects included:
  • Nottinghamshire County Council
  • Salford City Council
  • Sandwell Metropolitan Borough Council
  • Walsall City Council
  • Wolverhampton City Council
  • Worcestershire County Council
Work included:
  • Developing the individual procurement strategy for each of the schools within the respective geographical areas
  • Supporting the project team(s) to identify the economic and social needs of each school and allocation of each school into a respective investment wave
  • Reviewing the robustness of the "10 year pupil place" planning process
  • Undertaking a value for money and project affordability assessments
  • Negotiation with the Department of Education to secure additional funding (where appropriate)
  • Preparing key elements of the business case narrative, including the value for money, affordability and balance sheet treatment requirements
 

EDUCATION PPP*
UK
Private Sector Advisor

Advising the successful private sector preferred bidder on their bid for the Lancashire Building Schools for the Future project.

The Lancashire BSF project was of the largest schools projects in the UK Government's BSF programme. This project included raising £150m senior bank debt for the private sector bidder. Our role included developing the financial model, running the funding competition, coordinating the funders and negotiating the senior funding documentation. Our role also incorporated overall management of the financial close process.

HEALTHCARE

KING EDWARD'S MEMORIAL HOSPITAL PPP*
Bermuda
Private Sector Advisor

Provision of advice to Sir Robert McAlpine consortium on its successful submission for the USD $200 million King Edwards Memorial Hospital in Bermuda.Responsibilities included:
  • Preparation and ongoing development of a 25 year PPP model to calculate the annual unitary charge for the facility. As a result of the proposed project structure, the financial model contained significant complexity, including multiple tranches of debt with a variety of financing terms and durations.
  • Management of a funding competition to ensure that, in accordance with the conditions of the tender process, the submission had full credit support from each member of the banking club and returned an annual unitary charge within the affordability envelope. This included:
    • Marketing the project to 40 potential funders
    • Shortlisting to a banking club of three, including one UK funder, one US funder and one local funder
    • Leadership of the extensive and high-pressure negotiations between the project team and each individual funder to secure the necessary credit support.
 

NEW CHILDRENS' HOSPITAL*
Western Australia
Financial and Commercial Advisor

Provision of financial and commercial advice to the project team throughout the two-stage evaluation process for the selection of a Managing Contractor for this A$900 million project. Responsibilities included:
  • Leadership of the team providing commercial, economic and financial advice to the State - including the management of independent consultant organisations
  • Assessment of the underlying financial strength and capacity of the proponents as part of the Expression of Interest evaluation process
  • Undertaking a commercial evaluation of proponents' submissions. The evaluation focused on the appropriateness of each proponent's organisational structure, the quality of the individuals put forward within the respective teams and each proponent's procurement strategy
  • Performing a financial evaluation of proponents' submissions focusing on:
    • Management fees
    • Design fees
    • Margins
    • Preliminaries fees
    • Risk and contingency fees
  • Facilitation of evaluation team meetings to consider issues as they arose and the development of updates to the procurement strategy as necessary
  • Provision of interim and final evaluation reports setting out the key findings of the evaluation process and the key points of differential between the proponents
 

NATIONAL DECONTAMINATION PROGRAMME*
UK
Financial and Commercial
Advisor / Private Sector Advisor

Provision of extensive advice to the Department of Health's on its National Decontamination Programme.Responsibilities included:
  • Building and maintaining public sector comparator models to quantify the value for money benefits of adopting the joint venture approach
  • Development of project risk registers
  • Tailoring the standard project agreement to allow the private sector to minimise the cost of delivery without impacting public sector operational capability
  • Drafting outline and final business cases on behalf of project teams for submission to NHS Trust Boards
  • Preparation of tender documentation and advising on the tendering process (timetable, format, negotiation strategy etc.)
  • Working with medical representatives to articulate a clear output specification for the services and, using this specification, development of bespoke performance regimes to incentivise private sector performance
  • Commercial and financial review of private sector submissions including a detailed analysis of each proponent's financial model
  • Provision of detailed evaluation reports upon which the decision to shortlist and select the preferred proponent could be made
Additional information was also provided to the Department of Health in relation to:
  • The potential impact of negative RPI growth on the overall viability of the overarching contract. The Sterile Services contract was based on a RPI+ inflationary increase to the annual unitary charge
  • The financial issues faced by the Pathfinder project and the negotiation of a mutually beneficial re-pricing exercise with the private partner
 

TRANSPORT

ABU DHABI DEPARTMENT OF TRANSPORT DELIVERY MODEL*
Abu Dhabi
Lead and Financial Advisor

Provision of advice to the Department of Transport on the development of their Highway Delivery Model Guidelines.

The purpose of the guidelines is to provide the Department of Transport with a tool to assess how they can evaluate many different delivery models for their major capital project

 

MAFRAQ-GHWEIFAT HIGHWAY PPP*
Abu Dhabi
Lead and Financial Advisor

Leadership of the transaction team advising the DoT on the Mafraq-Ghweifat Highway PPP Project.

Our role included leading the independent review of the project by Mubadala, the project financing discussions with the bidders and outlining the strategy for raising the total capital requirement of circa $3.0 billion. This included the assessment of different funding sources ranging from senior debt to export credits.

 

ABU DHABI DEPT OF TRANSPORT: CAR PARKING PROJECT*
Abu Dhabi
Private Sector Financial Advisor

Provision of financial and commercial advise to Al Habtoor Leighton on itsbid for the $200 million car parking PPP project.

Work included preparation, construction and ongoing development of a 25 year PPP and raising the necessary debt finance to support the bid.

 

MECCA MASS RAIL TRANSIT*
Mecca
Lead and Financial Advisor

Provision of advised in relation to the project finance structure for the multibillion dollar Mecca Mass Rail Transit project.

Responsibilities included testing the funding market to assess capacity of the market and interest to provide debt (through bank debt capital markets and export credit finance).

 

GREATER MANCHESTER PASSENGER TRANSPORT AUTHORITY*
UK
Procurement Advisor

Provision of support to Greater Manchester Passenger Transport Authority to facilitate the evaluation process for the Managing Contractor for the Metrolink extension project. Responsibilities included:
  • Project managing the evaluation process
  • Timetabling and co-ordination of multiple presentation, evaluation and negotiation sessions
  • Development and documentation of the evaluation criteria (prior to the commencement of the evaluation process)
  • Management of the bid submission process
  • Co-ordination of multiple evaluation teams (legal, technical, financial)
  • Preparation of draft, interim and final reports
 

LIGHT RAIL PPP*
Western Australia
Procurement Advisor

Development and facilitation of a cross departmental workshop to outline the business case process for the Perth Rapid Transport system.

The various presentations within the workshop set out the key aspects of the project which would need to be considered within the outline business case, including the optimal modal solution (including the evaluation process used to consider the various options available), the potential scope of the project, value for money considerations and the optimal delivery solution (e.g. PPP vs. traditional procurement).

Utilities

 

SOLAR ENERGY
Egypt
Financial and Commercial Advisor

Support to a private developer seeking to deliver 100 MW of electricity in Egypt Responsibilities include:
  • Construction of a cash flow financial model to assist the client to determine the financial feasibility of the project. The financial model includes:
    • The timing of each cashflow associated with the project
    • The funding required to support the project
    • Key outputs and results (such as project IRR, payback period, return on equity) as may be required by investors or funders into the project
  • An assessment of the carbon credits market, and how this could be of benefit to the project
  • Assessing the various Insurance products and additional sources of finance available to support the project
 

TRICONNEX*
UK
Financial and Commercial Advisor

Provision of financial and commercial advice to a UK electricity network installation provider. The purpose of the project was to assess the viability, and potential value, of a separate 'AssetCo' within the existing energy business.Responsibilities include:
  • Working with senior management to understand the nature of the business, its cashflows and risk profile
  • Building a bespoke 5 year financial model to support the business case. This included:
    • Estimating the monthly transfer of assets into AssetCo
    • Quantifying the capital investment and ongoing costs of the business
    • Estimating financing costs, based on a special purpose vehicle structure
  • Valuing the business, based on the final year cashflows generated by the financial model. To assist in this process, the financial model was structured to include a range of scenarios and sensitivity analysis.
 

ELECTRICITY PPP*
Australia
Financial and Commercial Advisor

Provision of financial and commercial advice to Horizon Power (the State owned energy provider in Western Australia) in the evaluation and selection of a preferred commercial partner to assist with the development of the East Pilbara Link Transmission Line. Responsibilities include:
  • Working with the project team to review the project parameters and structure the evaluation process
  • Undertaking a financial and commercial evaluation of three proponents' submissions against the agreed evaluation criteria
  • Drafting clarifications on behalf of Horizon Power and incorporating proponents' responses into the evaluation process
  • Developing a commercial framework for negotiations with the preferred bidder
 

WATER PPP*
Australia
Financial and Commercial Advisor

Secondment to South Australia Water for eight weeks to lead the procurement of the A$40 million East-West pipeline, an integral element of the overall North-South Interconnection Services project.Responsibilities included:
  • Acting as lead commercial and financial advisor to SAW - including the management of a range of independent financial, commercial and technical consultants on behalf of SAW
  • Development of the evaluation criteria and methodology for the procurement process
  • The financial and commercial evaluation of four proponents over a two-stage process. This included the analysis of proposed margins, direct costs and reimbursable costs using bespoke scenario analysis
  • Responsibility for the delivery of the final evaluation report and presentation to the evaluation panel that included SAW Board members
  • Managing the negotiation process with the preferred proponent
 

MUNDARING WATER TREATMENT PLANT, PPP*
Australia
Financial and Commercial Advisor

Water Corporation required a water treatment plant to improve water quality in the Goldfields and Agricultural Water Supply System. Andrew was assisted the Corporation in the procurement of the plant.Responsibilities included:
  • Development of the commercial principles of the payment mechanism which underpins the project
  • Undertaking a month long financial and commercial review of three proponents' Request for Proposal submissions and the preparation of a substantial evaluation report
  • Working with the project team, including Water Corporations legal and in-house technical advisors to negotiate a tailored draft of the Project Agreement with each of the shortlisted proponents
  • Supporting Water Corporation in its final negotiations with the preferred proponent and its funders
  • Management of the financial close and associated "dry run" process
 

6TH OCTOBER WASTE WATER PLANT*
Egypt
Financial and Commercial Advisor

Advice to the Ministry of Finance PPP unit in Egypt on the 6th October Water Project.

Responsibility for the development of the feasibility study and the procurement documentation.

 

ARGYLE & BUTE ENERGY FROM WASTE PFI PROJECT*
UK
Financial and Commercial Advisor

Advice to a potential purchaser for the Argyle & Bute Waste PFI project.

Responsibilities included a detailed due diligence exercise of the waste PFI project and included a risk analysis of the key contractual and commercial issues and the financing structures.

 

EAST LONDON WASTE AUTHORITY PFI PROJECT*
UK
Financial and Commercial Advisor

Advise to a potential purchaser for the ELWA PFI project.

Responsibilities included a detailed due diligence exercise of the waste PFI project a review of the funding structure as well as a valuation SPV.

 

AYRSHIRE WASTE WATER PFI PROJECT*
UK
Private Sector Advisor

Advice to an Equity Infrastructure Fund (the purchaser) on the purchase of the Ayrshire Waste Water PFI project from one of the key SPV shareholders (Trillium PPP Holdings Limited).

Responsibilities included a detailed due diligence exercise of the waste water PFI project and included a risk analysis of the key contractual, commercial and funding issues, as well as a review of the SPV's operating and financial models.

 

GLEN WASTE WATER PFI PROJECT
UK
Private Sector Advisor

Advice to the acquirer on the purchase of the Glen Waste Water PFI project from Omega Partnership.

Responsibilities included a detailed due diligence exercise of the waste water PFI project and included a risk analysis of the key contractual, commercial issues and funding issues as well as a review of the SPV's operating and financial models.



* Denotes projects under taken by team members prior to working for Affric