Aviva-backed group to run Merseyside Jessica fund

A consortium has reportedly been selected to manage an urban development fund aimed at helping regeneration projects get started in Merseyside.

The European Investment Bank last week chose a consortium of Agma, CB Richard Ellis and Greater Manchester Pension Fund, known as Evergreen, as preferred bidder to deliver its proposals for the North West Urban Investment Fund, covering regeneration in Greater Manchester, Cheshire, Cumbria and Lancashire.

Following on from this announcement, a consortium made up of Igloo Regeneration with Aviva Investors Global Services, GVA Grimley, and Royal Bank of Canada Europe, is believed to have successfully bid to manage the urban development fund for Merseyside.

However, the appointment is yet to be formally confirmed by the European Investment Bank.

The Merseyside fund is worth £60m and is made up of £30m from the North West share of the European Regional Development Fund as part of its Joint European Support for Sustainable Investment in City Areas scheme (Jessica), now known as the North West Urban Investment Fund, which is being matched with £30m from additional public and private sector organisations to be sourced by the consortium.

Following the North West Development Agency's announcement last Monday that it will not be spending £52m on regeneration projects, this latest news should be welcomed by developers in the area.

The Merseyside urban regeneration fund has been supported by partners including the two local authorities Wirral Council and Liverpool City Council, as well as The Mersey Partnership and Liverpool Vision.

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