Funding news - 28/03/2012
£30 Million North West Evergreen Fund Now Open
The North West Evergreen Fund, designed to kick-start various commercial property and regeneration projects which will help facilitate economic growth in the region, is seeking real estate investment opportunities.
The fund, which is made up of local authority limited partners spanning Greater Manchester, Lancashire, Cheshire and Cumbria, has been provided by the European Investment Bank through the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative.
Managed by CBRE, the fund aims to provide capital for projects at competitive commercial rates, where funding sources are currently proving difficult to find in the ordinary commercial capital markets.
The fund will commit capital to commercial and light industrial regeneration opportunities, which meet European Regional Development Fund regeneration targets covering employment, remediation and floorspace outputs.
Evergreen can provide investment by way of equity, mezzanine or loan investments and can sit behind senior debt provided by banks, taking a second charge over assets provided as security.
The fund has an initial pool of £30 million to invest.
Funding is available of up to 50% of project costs, to a maximum of £6 million.
Although applications may be made at any time, interested parties are advised to apply as soon as possible.
Click here to visit the CBRE website (opens in new window).
Source: cbre.co.uk, 13/03/2012