News: CBRE to look after JESSICA
Leading commercial property and real estate services adviser, CBRE has been appointed to run an innovative £23m infrastructure and property fund for South Yorkshire.
The Sheffield City Region Local Enterprise Partnership (LEP) has been working with Creative Sheffield, part of Sheffield City Council to create a JESSICA fund, a financial engineering mechanism used to create a revolving fund that could be used for regeneration projects such as the creation of new commercial floorspace, brownfield redevelopment or investment in infrastructure.
It uses £8m of the government's Growing Places Fund for Sheffield City Region to leverage a further £15m of funding from the European Regional Development Fund.
James Newman, Chairman of the Sheffield City Region LEP, said: "We have been working very closely with our private sector colleagues in the construction industry and time and time again they refer to access to finance being a major barrier to development.
"This fund is a direct response to this barrier and whilst it will not solve every problem or be suitable for every development, it puts in place a significant financial tool to help stimulate the local economy.
"Importantly, we expect to see a return on the investments, which will then be recycled into further projects over the next ten years. It is hoped that over time it will be able to also support investment across the wider city region."
Businesses wishing to find out more about how they can take advantage of the fund should attend RiDO's Property Forum on March 19 at the Holiday Inn Express, Manvers, to hear from Will Church of CBRE.
As part of the government's City Deal with Sheffield, a Sheffield city region investment fund for strategic infrastructure investment (SCRIF) is also being created that brings together different funding streams to maximise economic growth across the city region. It has the potential to provide up to £700m over the next ten years
The South Yorkshire Transport Executive, (SYPTE) has submitted four schemes for assessment including bids to secure funding for improved public transport provision to the Waverley development and for highway and public transport improvements to ease existing problems and open up development sites at Parkgate.
CBRE website
RiDO website
The Sheffield City Region Local Enterprise Partnership (LEP) has been working with Creative Sheffield, part of Sheffield City Council to create a JESSICA fund, a financial engineering mechanism used to create a revolving fund that could be used for regeneration projects such as the creation of new commercial floorspace, brownfield redevelopment or investment in infrastructure.
It uses £8m of the government's Growing Places Fund for Sheffield City Region to leverage a further £15m of funding from the European Regional Development Fund.
James Newman, Chairman of the Sheffield City Region LEP, said: "We have been working very closely with our private sector colleagues in the construction industry and time and time again they refer to access to finance being a major barrier to development.
"This fund is a direct response to this barrier and whilst it will not solve every problem or be suitable for every development, it puts in place a significant financial tool to help stimulate the local economy.
"Importantly, we expect to see a return on the investments, which will then be recycled into further projects over the next ten years. It is hoped that over time it will be able to also support investment across the wider city region."
Businesses wishing to find out more about how they can take advantage of the fund should attend RiDO's Property Forum on March 19 at the Holiday Inn Express, Manvers, to hear from Will Church of CBRE.
As part of the government's City Deal with Sheffield, a Sheffield city region investment fund for strategic infrastructure investment (SCRIF) is also being created that brings together different funding streams to maximise economic growth across the city region. It has the potential to provide up to £700m over the next ten years
The South Yorkshire Transport Executive, (SYPTE) has submitted four schemes for assessment including bids to secure funding for improved public transport provision to the Waverley development and for highway and public transport improvements to ease existing problems and open up development sites at Parkgate.
CBRE website
RiDO website
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