A consortium led by ten Greater Manchester councils has been chosen to manage a £350m regeneration fund to lend to developers in the north-west.
The Evergreen Consortium, which includes the Greater Manchester Pension Fund and CB Richard Ellis, aims to create a fund of up to £350m to invest in the Manchester region.
It will receive £60m of public sector money and is in advanced talks with pension funds and a bank to raise further equity. The EU’s European Regional Development Fund is providing £20m and the Northwest Regional Development Agency (NWDA) is providing £10m.
Other public sector bodies are to match this with a further £30m. Over the next 10 years, the consortium estimates that the fund will have the potential to lend up to £350m overall.
To read more on www.PublicPropertyUK.com, click here: Evergreen consortium to run £350m North West kickstart fund