RIO secures investment for 6,600 homes
Mon 2nd December 2013, 4:50 pm
The Regeneration Investment Organisation (RIO), UKTIís new regeneration vehicle, has secured a £700 million deal to fund 6,600 homes, to be delivered through Sigma Capital Group and Gatehouse Bank.
The first 22 sites for 2,000 homes have been identified in Manchester and Liverpool.
The development cost for these homes is estimated at £200 million.
Business secretary Vincent Cable said: “Today’s announcement from Sigma Capital Group and Gatehouse Bank will create thousands of modern new homes as well as new jobs in Liverpool and Manchester, with similar plans in the pipeline for other regions in the country.”
Sir Michael Bear, chairman of RIO, said: “We have a really strong supply of regeneration projects in the UK – more than £100 billion in capital value. But currently the offer is fragmented with delays and it’s difficult for investors to navigate.
“The RIO provides a great opportunity to announce a radical new approach to helping boost investment into the UK and provides a fantastic way of helping investors to find a credible pipeline and range of UK development opportunities and therefore, get money into good projects and enable growth across the regions.”