Liverpool City Region property market gets £30m boost
Two revolving property funds, the Chrysalis Fund and the LCR Urban Development Fund, have re-entered the arena to back development proposals.
Loans repaid by previous successful applicants to both the Chrysalis Fund and the LCR Urban Development Fund are now available to be reinvested into other projects.
The Chrysalis Fund is a £35m revolving fund that has supported more than £100m worth of development activity in the region since it launched in 2012.
Managed by Igloo Investment Management and supported by Avison Young, it will now continue to commit its funds into further projects until at least 2022.
The LCR Urban Development Fund is a £25m revolving fund managed under the LCR Combined Authority’s Strategic Investment Fund framework. The fund supports the development and delivery of an integrated approach across the city region, meaning it can invest in projects that support research and innovation, enhance SME growth and help companies and organisations transition to a low-carbon economy.
Metro Mayor Steve Rotheram said: “Coming out of the pandemic, our local economy still needs all the help and support it can get. Because of the wise investments we’ve made over the last few years, we now have an extra £30m of funding to help rebuild and recover. That’s on top of the £150m Covid Recovery Fund that I announced on day one after May’s election.
“I’m committed to making our region fairer, greener and stronger after the pandemic. By continuing to invest our money carefully, and in projects that help improve our region and create good jobs, we are able to create a virtuous circle that keeps generating more for us to invest.”
Both funds are now actively inviting developers and owner-occupiers with new development projects that meet their investment criteria to come forward and apply for loans.
Projects benefitting from the funds include the Watson Building in Liverpool city centre, the Venus 217 industrial facility in Knowsley, and Duke and Parr in the Ropewalks area.
Jim Gill, chair of the Chrysalis Fund, said: “After what has been a particularly difficult 18 months, we’re now in a great position to be able to assist property developers and owner-occupiers in getting eligible projects that have stalled due to lack of funding options off the ground.”
The Chrysalis Fund is supported by the 2007-2013 European Regional Development Fund for the North West under the Joint European Support for Sustainable Investment in City Areas programme.
The LCR Urban Development Fund is backed by the 2014-2020 ERDF England Operational Programme and it is a new funding route to foster smart, sustainable and inclusive growth.