Posted Jul 17, 2024, 3:50 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,599
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https://tribune.com.pk/story/2476424...ed-over-eu-ban
Shahbaz Rana
July 04, 2024
Quote:
Roosevelt Hotel
Bajwa said the privatisation process for Roosevelt Hotel was also picking up pace and the Cabinet Committee on Privatisation (CCOP) had already included the entity in the list of active privatisation programme.
Financial adviser JLL has submitted its due diligence report, which will be presented to the CCOP for its decision, he said. The adviser has proposed three options including outright sale, managing the hotel as a joint venture and giving it on a long-term lease.
Once the Economic Coordination Committee (ECC) makes a decision on any of these options, the commission will invite Expressions of Interest (EOIs) from the interested parties. Depending on the CCOP’s approval, the government plans to invite EOIs by the first week of August, said Bajwa. The adviser has recommended that the existing floor area can be doubled to 1.3 million square feet, which will significantly increase the proceeds from the transaction, he added.
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So the options are they’ll either sell it to a developer, lease it to a developer, or partner with a developer (which is what they’ve been leaning towards.)
https://www.dawn.com/news/1843709
Quote:
The report suggested that floor area ratio (FAR) of the building currently stood at 1:15 (650,000 sq. feet retail area) which could be doubled to 1:30 (about 1.3 million sq. feet), thus increasing the retail sellable area, with support from the metropolitan authorities and secondary market.
“The increase in Roosevelt’s FAR provides a difference of a few billion dollars,” chipped in minister Aleem Khan who said that real estate was one area he could claim significant personal expertise, unlike other entities on the privatisation list. He said he was not talking about a few billion dollars as the total value of Roosevelt but the additional value because of the higher floor area ratio — a term used for the covered area for construction.
The cabinet had approved a joint venture option with international investors for mix-use development. “We now have to tell them what are the transaction options” for which the report would be taken up with the federal cabinet, said Mr Bajwa, explaining that these could include an outright sale, long-term lease, or joint venture operations depending on all the pros and cons, including but not limited to maximum proceeds over a period of time.
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Last edited by NYguy; Jul 17, 2024 at 4:03 AM.
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