January 2015

The Fund has had a hugely successful 2014 – over £70m has been committed through loans (capitalised by the Evergreen Fund and Growing Places investment), to 8 strategically important development schemes.

The Fund has also had its first loans repaid.

The highly successful Citylabs (Former Royal Eye Hospital) development, providing new lab and office space for high tech industries, has been built and let, allowing the Borrower to refinance the scheme.

Logistics North (formerly Cutacre) has part repaid its Loan; Evergreen funded initial infrastructure works for the site, and the Borrower has been successful in selling serviced plots thus enabling a part repayment. There is significantly more work for the Evergreen loan to fund, and we look forward to the continuing success story.

Soapworks has reached practical completion, and provides signifcant tranche of BREEAM Very Good office space at Salford Quays, and both the Cotton Building and One Spinningfields are now underway on site and will create much needed Grade A office space in the prime Manchester Central Business District. City Place Chester is well in to its construction programme and occupier interest is significant, and the Media City development scheme will start on site in the next few weeks.