A huge warehouse in development in Derbyshire which will create more than 2,000 jobs has received a £15 million boost.
Horizon 29 will be built across 94 acres on a strategic logistics and manufacturing site at Bolsover, close to Junction 29a of the M1.
Once complete, the scheme, which will be delivered by joint venture partners iSec and St Francis Group, will offer 1.4 million sq ft of employment space.
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Now, the project has received a £15.25 million joint loan from The South Yorkshire Pension Fund and SCR JESSICA Fund.
The debt facility will support the development of infrastructure for the scheme.
D2N2 Local Enterprise Partnership has already earmarked £5.8 million of grant funding towards land preparation work and Derbyshire County Council has also committed a further £2 million grant.
Over the last five years, the SCR JESSICA and South Yorkshire Pension Funds have seen £75 million invested into the Sheffield City region across 20 separate loans to support the ongoing economic growth of the region.
CBRE’s Investment Advisory team, part of CBRE Capital Advisors, manages both funds.
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Andrew Antoniades, executive director of CBRE Capital Advisors, said: “This loan is significant as not only is it the first combined loan we have completed but it will be instrumental in enabling the successful delivery of one of the region’s premier logistics hubs. “The facility will fund the construction of roads and other infrastructure, which are essential to bring the scheme forward, providing vital support to the economic growth of the region.”
Councillor Mick Stowe, chairman of South Yorkshire Pensions Authority, said: “The timing for completion of this loan, for what will be a major new employment site for people from across the City Region, could not be better giving a boost to the local economy just as we emerge from lockdown.
“Once again this shows the benefit that can be achieved by bringing all the various sources of finance at the disposal of our City Region to bear on an issue.”
James Newman, chairman of the Sheffield City Region European Funds Advisory Board and a member of the JESSICA board, said: ‘‘This development typifies the reasons why the JESSICA Fund was originally set up.
“It was to support speculative or innovative property developments, often partnerships between the public and private sectors, which had funding gaps but were of significant strategic importance to the City Region.
“The development of this site, close to one of the Sheffield City Region’s Enterprise Zones at Markham Vale, ticks all these boxes.”
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Nigel Lax, development director at iSec, said: “We are honoured that our flagship development Horizon29 has attracted the first ever joint funding from the South Yorkshire Pension Fund and the SCR JESSICA Fund.
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“This confirms a strong commitment to developing an industrial facility that will be unparalleled in the region.”
Gareth Williams, development director at St Francis Group, said: “Funding is key to developments of this calibre and we are fortunate that the funding bodies could come together on this to support Horizon29 which boosts the region’s logistics offering.”