NEW £25 MILLION DEVELOPMENT LAUNCHED FOR BASINGSTOKE
A new £25 million fund has been launched by Basingstoke and Deane Borough Council to support a wide range of commercial and regeneration property and infrastructure projects within its area. Basingstoke and Deane Borough Council was advised by CBRE.
The Invest to Grow Fund will provide debt or equity finance for development projects within the Basingstoke and Deane Council area. Potential project sponsors are being encouraged to contact George Richards (Director, CBRE Capital Advisors), to discuss their funding requirements.
The fund’s primary focus will be to support local growth, ensuring the region benefits from improved employment opportunities, enhanced infrastructure, regeneration and economic growth. All capital will then be reinvested into future growth projects.
The fund will commit capital to projects which contribute to the council’s economic priorities, which include the delivery of 4,000 new jobs, £233m GVA per annum and 13,400 new homes. Investment decisions will also give due consideration to the Enterprise M3 local enterprise partnership growth priorities.
The fund, which will be formally launched at MIPIM UK, is now calling for current and potential longer term projects that will contribute to future growth of the local economy. The fund is advised by CBRE Indirect Investment Services Limited, the FCA regulated arm of CBRE, and chaired by Basingstoke and Deane Borough Council.
Councillor John Izett, Cabinet member for Property and Development at Basingstoke and Deane Borough Council, said: "We are an ambitious, fast-growing borough with a wide array of new commercial, residential, leisure and infrastructure projects already underway or planned. It is right that we should use our financial resources as a council to encourage and assist new investment and thereby enable the creation of more jobs, housing and modern commercial premises. I am pleased that we are launching this innovative new fund and look forward to its success in the years ahead".
We are delighted to have advised Basingstoke and Deane Borough Council on the launch of this valuable and worthwhile fund. The fund can provide debt or equity, structured to meet the particular needs of a project with the core focus being to provide much needed capital to stimulate local development activity and leverage private sector investment in support of regional growth. All investments will be fully repayable and reinvested into further projects which meet the fund’s investment criteria and continue to support Basingstoke and Deane Borough Council’s growth strategy. The fund has an initial capital allocation of £25 million ready to deploy and is now open for applications.