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 £60m has been provided from ERDF capital and by the HCA.
The Fund is now in its reinvestment phase and is open for applications.
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 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.
Sir Howard Bernstein, Chief Executive, Manchester City Council
“The North West of England, its economy and its diverse communities are at a crossroads. As the after effects of the economic crisis continue to be felt, there are hard choices to be made about public expenditure and the context for regeneration is a challenging one.
Market constraints are reducing the accessibility of debt finance to support viable schemes to drive our region’s economy. We have anticipated these problems and have brought forward a proposition which is designed to create a new framework for growth – a new investment model with clear priorities, and robust and professional scrutiny and governance arrangements.
This is why the North West Evergreen Fund is so critical to our region’s prospects. The Fund has the potential to 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.
Evergreen has been capitalised by way of a European Regional Development Funding contribution and a Single Programme contribution, under the terms of the JESSICA programme (Joint European Support for Sustainable Investment in City Areas). These resources are available to be invested in viable projects in the Greater Manchester area, Cheshire, Cumbria and Lancashire, matched by an equal local authority or private sector contribution.
This coming together of our public bodies, comprising 16 Local Authorities, will support the rejuvenation of our commercial and industrial assets, sustaining employment and creating opportunities the length and breadth of the region. Evergreen is a powerful mechanism to accelerate urban economic development and increase the competitiveness of our local economies.”