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Full Description
This book covers partnerships in the broadest sense, presenting a critical account of the whole range of partnerships in property development. The emphasis is on the relationship between developers and landowners, developers and funders, and the provision of public services through the use of private finance. The authors draw on their own professional experience of running property partnerships and, with carefully researched case studies, present the 'insider' view, making a potentially dry and complex subject accessible and lively. The book moves beyond a theoretical overview and, by illuminating the reality of property partnerships shows for example, exactly how the government is procuring schools, hospitals and roads. This clear and objective analysis sets property partnerships in their economic and political contexts and will be of topical interest to surveyors and developers - in both private practice and local authorities - as well as to funders. Students in surveying, estate management and real estate development will also find this a concise and authoritative guide.Contents 1 The Public and Private Sectors 2 The Property Development Process 3 Partnership Negotiations using Development Appraisal Techniques 4 The Private Finance Initiative 5 Public Private Partnerships: the Urban Experience of Dublin 6 Property Funding Partnerships 7 Development Partnerships and Landowners 8 International Trends and Public Private Partnerships 9 Economic Background and Future Trends
Contents
About the Authors. Acknowledgements. 1 The Public and Private Sectors. The nature of partnership. The public sector. The state and private sector power. Centralisation of power by government. Power relationships with central area redevelopment. The state and the private sector - the 'hollowed out' state. The state, globalisation and the corporations. Government policy. Development of government policy. Exercise of state power. Government and private companies. References. 2 The Property Development Process. Introduction. The property market. The supply of urban built space. Finance and the development process. Life cycles in buildings and their property development implications. Public policy choices in the property market. References. 3 Partnership Negotiations Using Property Development Appraisal Techniques. The development decision. Partnerships between public and private interests. Assessing options. Sensitivity analysis. Key inputs in negotiations. References. 4 The Private Finance Initiative. History of the private finance initiative. The PFI process. Justification for PFI. Financing of PFI projects. Value for money and procurement in PFI projects. Risk and value for money. Policy responses. Design of PFI facilities. Project changes. Public sector ethos. Comparative case study. The PFI project. Progress with PFI project. The case study project. Comparison with PFI procedures. Cost time and performance. Comparison with PFI project. Conclusion. CAPRICODE summary. References. 5 Public-Private Partnerships in the Urban Development Experience of Dublin. Background. Engaging in public-private partnerships: from urban regeneration to PPP. Evolving public-private inputs in urban renewal in Dublin. The emerging role of public-private partnerships in 2008/2009. References. Website sources accessed 2007/2008. DOE Urban renewal Legislation. 6 Property Funding Partnerships. Introduction. Debt or equity? Lender's risk avoidance ratios. Corporate finance. Rights issues. Categories of project finance. Sale and leaseback. Rent-sharing leases. Side-by-side leaseback. Reverse sale and leaseback. Documentation for profit sharing leases. Rent-sharing leases-terms, risks and responsibilities. Letting policy. Capitalised sale and leasebacks. Profit erosion with priority yield. Timing. Funding structure. Return and yield. Mortgages and debentures. Profit sharing mortgages. Default by mortgagor. Forward sale or forward commitment. Debt structure. Interest rate hedging techniques. Other corporate lending. Other investment vehicles. The charge to interest. Profit erosion with priority yield documentation. Management reality and conflict of objectives. References. 7 Development Partnerships and Landowners. Methods of site purchase. Options. Conditional contracts. Overage and clawback. Partnerships with local authorities. Process. The development brief. Content. The disposal documents. Refurbishment. Project A. Contracts and documents. Overage/lease and leaseback. Equalisation agreements. Types of agreement. Deals with landowners. Crystallising Section 106 costs. Joint ventures. Structures. Management of the joint venture company. Step in rights and joint venture termination. Example of joint venture with syndicated funding package. References. 8 International Trends in Public-Private Partnerships. Evolving PPP programmes internationally. Use of PPP internationally. Accountability issues. Political accountability. National and international accountability. Guidance on setting up institutionalised public-private partnerships. Risk transfer. References. Websites accessed 2007/2008. 9 Economic Background and Future Trends. References. Index.
