Wednesday, September 23, 2020

First joint loan from South Yorkshire Pension Fund and SCR Jessica

The South Yorkshire Pension Fund together with the SCR JESSICA Fund has provided its first joint loan for a strategic development site in Bolsover.

The Funds have provided a £15.25 million senior and mezzanine debt facility to support the development of vital infrastructure which will be the catalyst for the delivery of a regionally strategic logistics and manufacturing site in Bolsover, adjacent to J29a of the M1 between Sheffield and Nottingham.

The Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire D2N2 LEP has contributed a further £5.8 million of grant funding towards land preparation work, readying the site for development. Derbyshire County Council has also committed a further £2 million grant.

The Horizon 29 scheme, being delivered by joint venture partners iSec and St Francis Group, will bring forward a total of 94 acres of employment land that can deliver 1.4 million sq ft of development.

The regeneration project will attract high quality occupiers to the site and create more than 2,000 jobs for the region.

Over the last five years, the SCR JESSICA and South Yorkshire Pension Funds have seen circa £75 million invested into the Sheffield City region across 20 separate loans to support the ongoing economic growth of the region.

CBRE’s Investment Advisory team, part of CBRE Capital Advisors, manages both Funds.

Whilst the two Funds operate independently from each other, opportunities to make strategic joint investments remain a focus and enable investments into larger scale strategic projects, like the site at Bolsover.

“This loan is significant as not only is it the first combined loan we have completed but it will be instrumental in enabling the successful delivery of one of the region’s premier logistics hubs,” said Andrew Antoniades, Executive Director of CBRE Capital Advisors.

“The facility will fund the construction of roads and other infrastructure which are essential to bring the scheme forward, providing vital support to the economic growth of the region.”

Councillor Mick Stowe, Chair of South Yorkshire Pensions Authority, said: “The timing for completion of this loan, for what will be a major new employment site for people from across the City Region, could not be better giving a boost to the local economy just as we emerge from lockdown. Once again this shows the benefit that can be achieved by bringing all the various sources of finance at the disposal of our City Region to bear on an issue.”

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