Yorkshire bank has doubled the value of its Liverpool property investment fund to £200m following the success of its original £100m programme.
The fund, which has a remit to invest in development and regeneration proposals across Merseyside, has backed schemes worth £87m since its launch in March.
Ian Spink, managing partner at Yorkshire Bank’s financial solutions centre in Liverpool, said: “We are absolutely delighted with the uptake so far.
“The level of interest from developers and investors has been quite remarkable, reflecting our own confidence in Liverpool’s economic prospects.
“The on-going level of activity demands that we set ourselves more ambitious objectives.”
Schemes backed by the fund in its first round include local developer Iliad’s Elysian Fields residential scheme.
Mark McNamee, managing director of Iliad, said: “We share Yorkshire Bank’s belief that there is plenty of growth to come in the residential and commercial market, and we were pleased to work with them on this deal.”
Other Yorkshire Bank-funded projects on Merseyside include a £6m residential complex adjacent to Grosvenor’s Paradise retail project in central Liverpool.
The bank has also funded a £6m land assembly for a residential scheme by Baron Developments in Bidston, Wirral.
The minimum value of the bank’s investment in any one project is £250,000.
References: EGi News 30/06/05
