Amber Infrastructure Limited (Amber) with Lambert Smith Hampton (LSH), announce today that they have been appointed by the Welsh Assembly Government to manage the Regeneration Investment Fund for Wales (RIFW), a £55 million fund that will invest in urban regeneration focusing on building sustainable investment and growth throughout the region.
Amber, the leading sponsor and manager of social and economic infrastructure projects has been appointed as Fund Manager while LSH, the national commercial property consultancy, will provide the Investment Management services.
First announced in 2008 at the Welsh Regeneration Summit, the RIFW is the second European Regeneration fund to become operational in the UK, and through the scheme, Amber and LSH will help bring this new public-private model to the market place.
The fund has been set up by the Joint European Support for Sustainable Investment in City Areas (JESSICA), an initiative established by the European Union in 2006, to enable the creation of recyclable regeneration funds that are run by the private sector.
The RIFW will be capable of providing loans, equity and guarantees to secure future growth and competiveness in the region. The increased investment is expected to act as a catalyst for the construction of a diverse range of developments throughout Wales, many of which have been impacted by the economic downturn.
Amber is also currently working on a separate regeneration project in Wales, the Welsh Investment Strategic Partnership (WISP), developing Grade A offices throughout the regional centres of Wales and encouraging businesses to inwardly invest in the area.
Leo Bedford, Project Director, Amber Infrastructure, commented; “We are delighted to have been selected by the Welsh Assembly Government to manage this pathfinder fund, which will help develop regeneration projects and support local economies throughout Wales. Amber is pleased to be at the forefront of this new and exciting way of financing urban regeneration across Europe.”
Lee Mogridge, Head of LSH’s Welsh offices, commented: “It is exciting to be part of a project which plays a critical contribution in improving the built environment as part of coordinated regeneration. Through working in partnership with the public sector, projects can achieve wider regeneration objectives and present attractive commercial opportunities.”
“The increased investment is expected to act as a catalyst for the construction of a diverse range of developments throughout Wales, many of which have been impacted by the economic downturn.”
Jocelyn Davies, Deputy Minister for Housing and Regeneration for the Welsh Assembly Government, said; “The Regeneration Investment Fund for Wales is an important step forward in ensuring that the long term regeneration of our communities is a success.”
“Ensuring that this funding can go further is especially important when public sector money is hard to secure and so I’m delighted that the important milestone of appointing fund managers has been reached and that the fund will soon be open for business”.
For further information:
Amber Infrastructure Limited
Leo Bedford +44 (0)20 7939 0573
Giles Frost +44 (0)20 7939 0569
Bianca Francis +44 (0)20 7939 0558
Lambert Smith Hampton
Shirley Feeney +44 (0)117 914 2042
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
Amber Infrastructure Group (Amber) consists of 50 dedicated infrastructure specialists who have collectively been responsible for originating and developing projects with an aggregate value of more than £8.7 billion in eight countries. Amber is also the Investment Advisor to International Public Partnerships Limited, the listed infrastructure investment company which manages over £2 billion of assets.
Amber Infrastructure has long standing world-wide expertise in the origination, development and management of long-term Public Private Partnership (PPP) and Private Finance Initiative (PFI) infrastructure projects and is excited to be involved in such a ground breaking PPP fund.
LSH is a leading commercial property consultancy with an unrivalled national network focused on the UK and Ireland property markets. Its expert teams deliver a full spectrum of transactional and consultancy services and business-driven solutions for clients.