Saturday, December 9, 2023

SY Jessica Fund re-appoints CBRE to manage Fund following re-tender

The SY Jessica Fund has reappointed CBRE’s Investment Advisory team, part of its Capital Advisors business, to manage the Fund following a competitive tender. 

The CBRE team has managed the Fund since its inception in April 2013, delivering significant regeneration and development to South Yorkshire and the wider City region over the past ten years.

To date, the Fund has invested over £70m and levered in over £300m of construction investment, built over 1.3m sq ft of floorspace accommodating over 6,500 jobs and is increasingly supporting more energy efficient developments.

The Fund was set up to provide effective development debt funding for commercial property and regeneration projects with the core objectives of enabling economic growth through sustainable development, enhancing long-term growth prospects of the region, providing the infrastructure required to generate jobs and facilitating the development of brownfield sites.  

Will Church, Executive Director, Investment Advisory, CBRE, said: “We are delighted to have been reappointed by the Fund and are looking forward to seeing what we can deliver on behalf of the Fund over the next ten years.

“We have a number of developments in the pipeline that we are looking to bring forward across the whole of South Yorkshire and will be expanding the parameters of the Fund to consider mixed-use developments in addition to core commercial opportunities.”

Colin Blackburn, Assistant Director at SY Mayoral Combined Authority, added: “The SY Jessica Fund has proven to be a vital source of funding in an otherwise constrained regional market, bringing forward valuable employment space and infrastructure projects that other sources haven’t been able or willing to support.

“We have close to £32m of debt funding available to invest in new real estate projects and are looking forward to embarking on the next stage of the Fund’s journey.” 

Shoosmiths is the retained legal advisor to the SY Jessica Fund.

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