A £40m strand of the Warwickshire Recovery and Investment Fund is being showcased at a forthcoming event with partners looking to build on Warwickshire’s growing reputation as a place to do business.
The Property and Infrastructure Fund is the third and final strand of the Warwickshire Recovery and Investment Fund and was set up to support businesses looking to grow in, or relocate to, Warwickshire.
Following its launch in February, the fund is being officially launched at the UK ReiFF Conference in Leeds next week. This three day event will bring together the public sector – with every core UK city and region involved – alongside Government, investors, funders, developers, housebuilders and more.
Initial interest in the fund has been excellent since the February launch with representatives of Warwickshire County Council, which is financing the WRIF and delivery partners CBRE keen to build on that as well as recent success in the commercial property development field.
The focus of the PIF is on supporting and enabling new development that will help provide sites and premises needed to drive the future growth of the local economy and, with ambitions that match the County Council’s goals on reducing emissions, to build on the strong links that the county has established in low Carbon fields such as digital creative, electric vehicle development and battery manufacturing.
The £40m fund will be managed by CBRE following a competitive procurement process, providing loans of £2m-£10m to support commercial projects, with repayment terms available up to five years. Eligible developments include office, industrial and warehouse developments and refurbishments, new housing projects offering innovative sustainability solutions, early-stage infrastructure funding and mixed-use schemes.
Most of the funds will be available in the form of secured senior loans, however other forms of finance such as mezzanine debt will be considered on a case-by-case basis.
The presence of the PIF at ReiFF follows the success of a Warwickshire joint venture which will see £2.5 billion of developments completed over the next three decades.
The creation of landmark joint venture Develop Warwickshire has been named ‘Deal of the Year – Residential’ at the RESI Awards, organised by leading business-to-business magazine Property Week.
Develop Warwickshire will see Warwickshire Property & Development Group (WPDG), Warwickshire County Council and Countryside Partnerships bring sites forward for housing across the county for the next 30 years, creating thousands of homes and new jobs for local people.
Cllr Martin Watson, portfolio holder for economy at Warwickshire County Council, said: “We’re really excited by the PIF’s presence at this major conference. Initial interest has been beyond expectation and, with the county’s other recent success, it’s making for a very promising picture for the county’s economic growth”
George Richards, Senior Director of Investment Advisory at CBRE, said: ““The property and infrastructure impact fund is a flexible investment scheme that can be deployed to help the development of new land or commercial space to support employment and the growth of Warwickshire’s economy.
“Our focus is on supporting new development that will help provide the land and premises needed to drive the future growth of the regional economy. We look forward to joining our partners at ReiFF and discussing exciting opportunities within Warwickshire.”
Those looking for more information or wishing to discuss investment proposals with the council should use the expression of interest form on the council’s website at https://www.warwickshire.gov.uk/wrif