ABOUT THE FUND
The North West Evergreen Fund provides debt funding for commercial property and regeneration projects in the North West of England at highly competitive commercial rates. A total of £105m has been provided from ERDF capital and by the HCA.
The Fund is now in its third investment phase and is open for applications. Specific areas of focus include office, industrial, research and innovation and carbon efficiency projects.
The Fund is a partnership between 16 Local Authorities who are all committed to investing in the transformation of the region for the long-term.
The Fund will commit capital to opportunities which meet European Regional Development fund regeneration targets covering employment, regeneration, carbon savings and floor space outputs.
Candidate projects will need to satisfy a number of eligibility criteria during the selection process including the ability to satisfy the key aims of the partnership, namely:
- Creating a high employment region
- Investing in science, research and innovation
- Building on the region’s strengths in culture and media
- Supporting strong and divers town centres
- Promoting a wider, stronger and more sustainable industrial base.
- Ensuring sustainable sites are ready for development
The Fund is managed by CBRE, a leading real estate advisory firm. CBRE’s role is to source and evaluate potential investments for the fund, as well as manage and monitor the developments over the investment life-cycle. For more information, please visit the CBRE website.
Eamonn Boylan, Chief Executive, Greater Manchester Combined Authority
“The long-term trend for traditional development funding is that less will be available than ever before; this is especially the case in the regions. Conversely regions now have the opportunity to capitalise on the devolution of funding and power from Westminster, and require high quality development to encourage their economies to achieve their full potential.
For this reason, The North West Evergreen Fund is critical to our region’s prospects. The Fund has become a major investor in the North West economy, underpinning its long-term growth and stability through the prudent investment of public and private sector funding. To further support this, we have added additional capital under the Evergreen Fund brand, introducing another £45m to be administered from 2017 onwards. This capital will focus on energy efficiency in buildings and research and innovation, areas that Evergreen has traditionally supported.
2016 has been an excellent year for the Fund; all original capital has been deployed, which was a key milestone required by rules imposed upon us. Following the confidence inspired by this excellent stewardship of the capital, the ownership of the Fund has been devolved to the region, further securing the finance for the North West for the future.
Evergreen has been the catalyst for the delivery of over £500m of employment infrastructure over the last five years across Greater Manchester, Cheshire, Cumbria and Lancashire. It is a proven leader in public/private funding, and was recognised by the 2016 Property Insider North-West Awards, winning Property Funding Team of the Year.
By adopting a long-term view and demonstrating unfaltering belief in the region’s lasting prospects, we have successfully unlocked brownfield land for employment use and ultimately to contributed to our economy.“