The North West Evergreen Fund has provided a £5 million development loan to Redsun to fund the first phase of their Aviator development, a 125,000 sq ft industrial unit in the Hooton Park area of Ellesmere Port.
Evergreen Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors. The Fund has been the catalyst for the delivery of over £500m of employment infrastructure over the last five years and is now in its third investment phase. It is focused on opportunities which meet employment, regeneration, carbon saving and floor space output targets. There remains capacity in the Fund for a number of further investments, and the Fund Managers encourage applications.
Will Church, Senior Director, Investment Advisory, CBRE commented:
“Despite underlying concerns relating to the economy, we are seeing more applications to the Evergreen Fund than ever before with developers still showing appetite to invest into good schemes. The delivery of this scheme will create jobs and important industrial space in a market where speculative development finance remains scarce.”
Cheshire and Warrington Local Enterprise Partnership have also supported the development with an investment towards development costs. The business rates generated on the site will be recycled by the LEP into future investments.