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11/05/2018

New NI investment fund bankrolls Belfast office block

Words: Roger Milne
Money / iStock-185267728

The newly created Northern Ireland Investment Fund has announced its first project investment – a £20 million senior loan facility to Oakland Limited to finance its Merchant Square development in the capital.

The scheme at Merchant Square involves 18,835 square metres of grade A office accommodation with ground floor retail space. The fund’s £20 million loan will be matched by private sector funding.

The £100 million fund was launched in November 2017 to provide debt or equity finance for commercial property, regeneration and low-carbon projects in Northern Ireland. It is managed by property services company CBRE’s investment advisory team.

Hugh Widdis, permanent secretary at the Department of Finance, said: “This first project loan demonstrates the fund’s positive impact and future potential in terms of facilitating private sector-led regeneration here. I look forward to further announcements in the time ahead on project loans being confirmed to stimulate additional economic growth and jobs.”

Andrew Antoniades, a senior director with CBRE, commented: “Making such a significant investment is a statement showing what the fund is about – supporting regional growth whilst delivering exceptional leverage, outputs and returns. We are well progressed with other exciting schemes within and outside Belfast and remain very much open for more applications.”

Image credit | iStock

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