ABOUT THE FUND
The Invest to Grow Fund provides debt or equity finance for commercial and property regeneration projects within the Basingstoke and Deane Council Area.
The fund will commit capital to commercial and light industrial regeneration opportunities which meet council targets, covering employment, inward investment and the delivery of new homes.
The Council’s ‘Economic Masterplan for Basingstoke 2033’ and recently adopted ‘Local Plan’ outline how it will plan for future prosperity, secure investment and ensure that residents benefit from economic growth and improved employment opportunities as well as enhanced infrastructure.
Principal economic objectives include the delivery of 4,000 new jobs, £233m GVA per annum and 13,400 new homes. Investment decisions will also give due consideration to the following Local Enterprise Partnership (Enterprise M3) economic priorities – see below.
INNOVATION & ENTERPRISE
Creation of 200 new companies, 8,000 additional jobs and £2bn of export markets from businesses.
Develop skills better to suit the needs of the economy. Achieve target of increasing employment of 80%.
Facilitate and accelerate the delivery of housing across the region, and address affordability gap.
Improve connectivity between ‘Growth and Step-up Towns’, increase capacity and unlock new housing and business sites.
Cllr John Izett, Cabinet member for Property and Development, Basingstoke and Deane Borough Council
“The Invest to Grow Fund will be a valuable asset in securing future prosperity in the borough. Some schemes have the potential to bring real benefits to residents and businesses here, but property schemes can have difficulties in attracting bank funding.
“The council has one of the largest council investment portfolios in England. This puts us in the fortunate position of being able to direct funds into developments and projects that will help to keep the local economy flourishing. By setting up the fund we are acting as a catalyst by investing in our own borough’s future.”
Commercial Principles of the Fund
The fund can provide debt or equity structured to meet the particular needs of a project. Investments will be structured on a State Aid compliant basis providing commercial risk adjusted market returns. The focus is to provide finance where there is limited appetite from private finance.
All investments will be fully repayable and reinvested in further projects which meet the fund’s investment criteria. The fund will not provide grants. The fund has an initial capital allocation of £25m ready to deploy and is open for applications.
The Fund Advisor
The fund is advised by CBRE, 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.