A new £25million Invest to Grow Fund to encourage developers to bring new jobs and facilities to the borough is being launched to the property market by Basingstoke and Deane Borough Council

 

A new £25million Invest to Grow Fund to encourage developers to bring new jobs and facilities to the borough is being launched to the property market by Basingstoke and Deane Borough Council

Using money from long-term investments, the council has set up the fund to contribute to keeping the economy booming by providing loans to companies to attract them to invest in the borough.

It has been established, through specialist advisors CBRE, to help kick-start a wide range of commercial, regeneration, property and infrastructure projects within the council’s area.

The new fund will be launched to property, development and investment companies this week at the MIPIM UK property show in London, as part of the council’s promotion of the borough to help encourage inward investment.

The fund will be used to stimulate new jobs and more homes and attract significant inward investment into the borough by helping to fund key projects, especially where bank funding is not easily available. Projects will be encouraged in sectors ranging from office, industrial, manufacturing and logistics to infrastructure, housing, renewables and low carbon schemes.

The fund will earn a much better rate of return than the council’s current cash investments, helping to maintain services, despite reducing resources and without putting more pressure on council taxpayers.

The council’s Cabinet member for Property and Development Cllr John Izett said: “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.”