£100 Million Investment Milestone for Building Scotland Fund

16 Jan 2020

 

Housing, regeneration, industrial and commercial developments are being supported by the investment of £100 million through the SNP Government’s Building Scotland Fund (BSF).

 

The fund, backed by £150 million in total, was established as a precursor to the Scottish National Investment Bank and has the same values, principles and ambitions.

 

Economy Secretary Derek Mackay MSP said:

 

“I am delighted that the BSF has now agreed investments of £100 million, unlocking projects in excess of £238 million and providing a significant boost to the Scottish economy.

 

“This milestone is an important step not only for the BSF but also lays a strong foundation for the Scottish National Investment Bank and paving the way for it to become a cornerstone institution for Scotland’s economy.

 

“A total of £25 million of BSF funding is being invested in projects through the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) fund. This includes the new high-spec refurbishment at Douglas Street, Glasgow, which is helping to revitalise the city centre and bring additional capacity for business and jobs."

 

Kenneth Gibson MSP added:

 

“The BSF has agreed investments of £75 million in a range of housing projects, from large-scale transformational projects to smaller developments being delivered by small to mid-size enterprise housebuilders. This supports the development of more than 5,500 homes and around 600 full time jobs.”

 

“The BSF is available to non-public sector organisations, including businesses, housing associations and universities, to support the development of house building across all tenures, to develop industrial and commercial space and support business-led research and development.”

 

Scottish Enterprise, Highlands and Islands Enterprise, the Scottish Funding Council and the Scottish Futures Trust are working with the SNP Government to deliver the fund and bring forward a pipeline of projects.

 

SPRUCE was originally set up with SNP Government and European Regional Development Fund under the European Commission’s Joint European Support for Sustainable Investment in City Areas initiative. It is an evergreen fund, managed under an agreement between Scottish Ministers, the European Investment Bank and Amber Infrastructure, which invests in regeneration, property and sustainable energy projects across Scotland.

 

Since 2016, SPRUCE has been recycling the original capital, as well as investing additional public and private sector funds, into eligible projects.

 

ENDS

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