CBRE’s investment advisory team has been reappointed to manage the SY Jessica Fund following a competitive tender.
The team has managed the South Yorkshire fund since its inception in April 2013 and to date the fund has invested more than £70m and levered in more than £300m of construction investment, delivering more than 1.3m sq ft of floorspace.
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, at 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 10 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.
