North East investment company Develop North has announced plans to increase its activities to support businesses, housing and regeneration projects in the region.

The company, which was established by Newcastle-based fund managers Tier One Capital in 2017, has supported 39 projects around the region, deploying more than £80m in capital and helping companies to create thousands of jobs. The London Stock Exchange-listed firm specialises in property development finance, mostly in the North East.

Develop North is currently restricted to a single asset class of debt predominantly secured over land or real estate. As part of proposals announced on the Stock Exchange, it is exploring a potential fundraise to accelerate its growth

The company want to provide more provide real estate loans to support housebuilding and commercial development; invest in commercial real estate assets to drive regeneration; and support more housing schemes. It says its plans have been driven by positivity around devolution in the North East, and by recent overseas investment into the region, particularly the Saudi takeover of Newcastle United.

Tier One is working on the expansion plans with Gateshead-based residential acquisitions and leasing specialists Homes or Houses, and commercial property investment experts Broadoak Asset Management, the developers of the Quorum Business Park on the outskirts of Newcastle.

John Newlands, chairman of Develop North, said: “The North East is on the cusp of transformational growth, and the private sector has a vital role to play in supporting that momentum.

“With devolution and investment frameworks now in place, the North East and Tees Valley Combined Authorities are making the region more investable than ever. As a trusted investment partner, Develop North is well-placed to ensure that the investment opportunity of the North East is open to everyone.”

Tier One chief executive Ian McElroy added: “There is a growing expectation that institutional investors, including Local Government Pension Schemes, will support investment into Ƶ regions with real economic potential. We are witnessing the start of some real momentum in this process, with a number of globally recognised investment firms now allocating capital to the North East.

“With two proactive and positive metro mayors in place with strong devolution settlements, the North East is seeing increased attention from policymakers and the market alike.”

Develop North said its expansion plans would take effect once its net asset value reached the £100m mark. It said it could co-invest alongside other parties in each of the three asset classes it is proposing.