Shepherd and Wedderburn advise JESSICA fund on investment in key development site

28 February 2014

Shepherd and Wedderburn advise JESSICA fund on investment in key development site

Shepherd and Wedderburn advised the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) on its £9.6 million investment, required to progress the £200 million redevelopment of The Haymarket site in Edinburgh.  The investment will facilitate the critical first phase of work which includes strengthening two railway tunnels as well as archaeological excavations.

SPRUCE is part of the Joint European Support for Sustainable Investment in City Areas (JESSICA) programme which is being rolled out across Europe with the assistance of the European Investment Bank, offering a unique opportunity for public and private co-investment in regeneration and energy developments.
The £50 million fund, which uses capital from the European Regional Development Fund and Scottish Government, has now deployed £30.6 million in a range of regional projects from infrastructure to development of office and commercial space.

Cameron Cook, Head of Origination for Amber Infrastructure in Scotland, who are the fund managers for SPRUCE, said: “This is an exciting phase in the development of one of Edinburgh’s largest commercial development projects in the last ten years. This is the fourth significant investment through the SPRUCE fund on which the Shepherd and Wedderburn team have advised.  We have been impressed with the support and expertise on the projects to date and look forward working with Shepherd and Wedderburn in the future to realise SPRUCE’s funding ambitions in helping to develop social and economic infrastructure in Scotland.”

Colin McKay, client partner for SPRUCE at Shepherd and Wedderburn said: “We were delighted to work with Amber on SPRUCE’s funding of what is undoubtedly one of biggest development projects in Scotland’s capital in recent years and one which will totally transform the Haymarket area of the city.”