Developers and investors have been invited to apply for finance from the £30m Chrysalis fund for Merseyside, which was launched today.
The European-backed fund is aimed at investment in commercial property and regeneration projects across Merseyside over the next three years.
It comes from the North West’s share of the European Regional Development Fund under the Joint European Support for Sustainable Investment in City Areas initiative. JESSICA, as it is known, is supported by the European Investment Bank, and handled in the North West by the Homes and Communities Agency.
Chrysalis is managed by the Igloo Consortium, which is made up of Igloo Regeneration, GVA and RBC Capital Markets. There is a maximum lot size of £6m of ERDF funding, and a total of £12m including match funding, for any single project.
Jim Gill, chairman of the Chrysalis fund’s board, said: “The fund provides a great opportunity for us to kickstart some important development projects in the city region. The Board is looking forward to making some early investments and, in the longer term, expanding the fund and broadening its investments scope so that Chrysalis can fulfil its potential to become a primary facilitator of growth for the area.”
Simon Brooks, European Investment Bank vice-president for the UK, added: “The European Investment Bank will look at providing additional funding for projects supported by Chrysalis, as well as passing on experience from similar schemes across Europe.”
daniel.cunningham@estatesgazette.com
