Fund Manager’s Introduction
The SCR JESSICA Fund has in excess of £20m debt funding available now for real estate projects.
The Fund now has a total capital pool of c.£40m.
SCR JESSICA: Regeneration through capital redeployment and recycling.
Since its inception in 2013, the Fund has proven itself a significant tool in the development of the Sheffield City Region, providing funding for solid, viable schemes in a difficult development market.
For every £1 of SCR JESSICA funding, more than £1.50 of private capital has been leveraged for the region.
Through its flexible approach, SCR JESSICA has brought about development of schemes that are not able to attract other funding in the current constrained environment, and has supported development of employment space when traditional sources are only able to support very narrow sectors with very specific hurdle requirements.
The Fund, working closely with our public sector partners, has unlocked private sector capital, including bank debt and property company equity that would not otherwise have been invested in the region.
Our expectation is that over SCR JESSICA’s first 10 years assets totalling £250m of value will be enabled using SCR JESSICA and associated funding, through recycling of capital. This will aim to draw in and leverage more than £300m of private-sector capital, much of which would not be invested in the region without the Fund’s flexible investment approach.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
CBRE Indirect Investment Services Limited (CBRE IISL), the FSA regulated arm of the CBRE Real Estate Finance division, is acting as Fund Manager to the Fund.
European Regional Development Fund
The Sheffield City Region Urban Development Fund (South Yorkshire JESSICA) project is part financed by the European Regional Development Fund as part of the Yorkshire and Humber Regional Competiveness and Employment Programme 2007 to 2013. The Department for Communities and Local Government is the managing authority for the European Regional Development Fund Programme, which is one of the funds established by the European Commission to help local areas stimulate their economic development by investing in projects which will support local businesses and create jobs. For more information visit the ERDF website.
Growing Places Fund
The Growing Places Fund is funding from national Government vested to the LEPs across the country. Sheffield City Region has been allocated £18m overall and the projects selected by the SCR LEP. Sheffield City Council is the Accountable Body for the Growing Places Fund.
Fund Advisor - Executive Director
Andrew established and leads CBRE’s Lending platform within the Investment Advisory service line. He specialises in enabling investors to deploy their capital as debt, establishing specific lending strategies for them, then structuring and managing loans on their behalf.
T: +44 207 182 2587
Fund Advisor – Senior Director
William has been involved with the Northern Ireland Investment Fund from its inception. William specialises in linking public and private funding to create results for Borrowers and the Public Sector alike.
T: +44 207 182 2867
The Fund Advisor
The fund is advised by CBRE Investment Advisory team. CBRE is 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 about CBRE, please visit the CBRE website.
CBRE IISL is a regulated arm of CBRE