NORTHERN IRELAND INVESTMENT FUND AWARDS SECOND LOAN
London, January 22 2019 – The Northern Ireland Investment Fund has funded its second scheme; the development of a 575 space multi-storey car park in Belfast and 7,000 square feet of office space with a GDV (gross development value) of approximately £20 million.
The loan to McCausland’s meets the Fund’s infrastructure funding objectives and provides debt where the traditional market will not. The development of the car park aligns with the car parking strategy for the city, releasing pressure from low density ground-floor car parks and complements the development of employment and hotel space underway in the city.
The £100m Northern Ireland Investment Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors, and was launched in January 2018 to provide debt finance for real estate, regeneration, low carbon and infrastructure projects. Managed on behalf of the Department of Finance and the Northern Ireland Strategic Investment Board, £28 million of the initial £100 million has now been committed.
William Church, Senior Director, CBRE Investment Advisory comments: “It is very exciting to have completed another transaction on behalf of the Northern Ireland Investment Fund; it is one of a pipeline of a mix of projects and will be swiftly followed by more investments. All our loans align with the Fund’s commitment to investing in transformation of the region in the long term. Applications for funding remain open.”
Sue Gray, Permanent Secretary, Northern Ireland Department of Finance added: “I welcome the continuing growth of the Fund as it continues to invest in the areas of regeneration, office and low carbon projects to deliver economic growth. It will play a significant role in supporting private sector investment in key areas of local development over the next decade.”
Christopher McCausland from McCausland’s said: “This is an exciting development for McCausland’s and will answer a very real need for car parking space in Belfast. The funding from the Northern Ireland Investment Fund is essential to get projects like this off the ground and will benefit everyone in the city.”