The new Cardiff Capital Region (CCR) Strategic Premises Fund has officially launched and is open for new loan applications. The £50m Fund has been created to support the development of commercial real estate projects, across a variety of different sectors, in South Wales.
All potential development schemes must provide socio-economic benefits to the local area with the core objectives being regional regeneration, job creation and accelerating the delivery of employment land. The Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors, which manages a number of other development Funds across the UK, including the North West Evergreen Fund, the South Yorkshire Pension Fund and the Northern Ireland Investment Fund.
George Richards, Senior Director, Investment Advisory, CBRE commented: “We are delighted to be supporting the CCR in managing this new Fund, a much-needed catalyst for the delivery of schemes which have previously struggled to get funding via traditional means. Following the pandemic, it is more vital than ever that state-of-the-art employment spaces continue to be developed, creating valuable new jobs for the local area and vibrant and dynamic community hubs. All returns will be reinvested back into the Fund in order to help bring forward as many new schemes as possible over the next 10 years.”
Andrew Morgan, CCR Cabinet Member and Leader, Rhondda Cynon Taf County Borough Council said: “The Strategic Premises Fund is an innovative use of public funding to accelerate growth through supporting the delivery of new commercial premises across the Cardiff Capital Region. The Fund will be investing in priority schemes which will unlock new employment space, contributing to the future success of the region.”
Rob O’Dwyer, Head of Infrastructure for the Cardiff Capital Region City Deal said: “The launch of the CCR Strategic Premises Fund is a welcome boost to the region that will maximise opportunities to provide facilities and premises to growing industries, creating job opportunities and economic growth across the region. It’s a great example of CCR working closely with the private sector to drive forward economic development projects and support innovation, business growth and regeneration.”
