East Midlands Development Agency (emda) has today announced a
new £20m Fund to support the development of premises focused
on innovation and growth. This will provide much needed investment
for schemes - which have been hit hard by the recession and the
lack of available finance - that will enhance the region's offer in
terms of innovation, science and technology facilities.
The East Midlands Urban Development Fund (EMUDF) has been set up
by emda and has already secured £15m - £5m of which is
emda's own funding, with the additional £10m coming from the
European Regional Development Fund (ERDF), which the Agency manages
on behalf of the region. The creation of the EMUDF has been
supported by key partners from across the East Midlands that work
closely with emda to guide ERDF delivery.
As Dr Bryan Jackson, emda's Chairman, explained: "Generally,
ERDF funding is awarded in the form of grants, but the creation of
the East Midlands Urban Development Fund allows us to make this
funding work harder for the region and generate a greater return on
investment for the taxpayer. This Fund is the first UDF in England
that is open for business and is taking advantage of new ERDF
flexibilities.
"Funding will be offered in the form of equity, loans or
guarantees and the EMUDF will make repayable investments in schemes
that will secure the future growth and competitiveness of the
region. The model we've adopted will also ensure that we create a
longer term legacy for the region in the form of an ongoing stream
of investment."
The Rt Hon Rosie Winterton MP, Minister for Regional Economic
Development and Coordination, added: "I am delighted that the East
Midlands Urban Development Fund is now operational. The region and
emda are to be congratulated on moving swiftly to take advantage of
new ERDF initiatives in order to establish this Fund, which will
help create the right environment for innovation, and facilitate
much-needed investment in capital development as we move into
recovery and look towards future growth. The Fund's focus on
innovation, technology and high quality employment space also
closely supports the approach set out in the Growth Strategy we
launched last month."
Following a competitive selection process, the property and
finance specialists, King Sturge Financial Services, were appointed
at the end of 2009 to manage the Fund and engage with public and
private sector partners to identify development opportunities.
Jonathan Bull-Diamond from King Sturge said: "We're delighted to
have been selected by emda to operate the East Midlands Urban
Development Fund and look forward to working closely with emda, the
Fund Board and partners in the region to ensure it can support
exciting development schemes in the region's urban areas. We are
keen to work closely with East Midlands partners to identify
potential investments that fit with regional and local priorities
and will deliver the best returns for the Fund".
The EMUDF is the most recent addition to the package of support
emda has put in place to help the region's economy through the
challenging economic times. Whilst it is intended to grow the Fund
to £20m in the short to medium term, the Fund has been
established in such a way that it can be expanded as required after
the initial investment phase.
For more information about the Fund or to discuss investment
opportunities, please contact Jonathan Bull-Diamond at King Sturge
on 07740 542 755 (jonathan.bulldiamond@kingsturge.com) or visit
www.kingsturge.co.uk/consultancy