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Scottish Partnership for Regeneration in Urban Centres (SPRUCE)

The Scottish Government and the European Investment Bank (EIB) has announced that a consortium led by Amber Infrastructure Ltd has been selected as preferred bidder to set up and manage a new £48 million investment fund that will support a range of regeneration projects across Scotland. The Fund is capitalised with resources from Scottish Government and the European Regional Development Fund.

Amber Fund Management Limited (Amber) is the provider of the fund management services, supported by ESEP Ltd, who bring significant knowledge of urban regeneration and a track record of managing European Structural Funds Programmes in Scotland, as well as EKOS, King Sturge and the Royal Bank of Scotland.

The Fund is part of the European Commission’s Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative, supported by the European Investment Bank. Designed to lever significant co-investment from the public and private sectors in supporting urban renewal and jobs growth through revenue generating projects in 13 local authority areas in Lowlands and Uplands Scotland, SPRUCE is funded from a combination of Priority 3 (Urban Regeneration) of the Lowlands and Uplands of Scotland (LUPS) European Regional Development Fund Programme 2007-2013, and from the Scottish Government’s own resources.

The 13 local authority areas eligible for investment, determined by the Scottish Index of Multiple Deprivation are: Clackmannanshire, Dundee, East Ayrshire, Edinburgh, Fife, Glasgow, Inverclyde, North Ayrshire, North Lanarkshire, Renfrewshire, South Lanarkshire, West Dunbartonshire and West Lothian.

The Fund will support a wide range of urban regeneration activity within a well defined, integrated, sustainable urban development plan. Eligible and investible projects will include the development of office and commercial space, key transport projects and investment in the energy sector. This latter activity will include support for innovative approaches to energy efficiency retrofit measures - in particular, those targeting the retrofit of existing social housing stock.

Borrowers may include: private sector developers; universities; local authorities; Urban Regeneration Companies; national or local regeneration bodies; housing associations; ESCOs and the voluntary sector

Financial support from the Fund is to be provided in the form of loans of investment capital, which will need to be repaid within an agreed timescale. The Fund is not able to provide support in the form of grants.

If you have questions about SPRUCE or would like a discussion about the Fund, please get in touch:

Cameron Cook or Jenny Curtis
Email / Tel. 020 7939 0550

Andrew McQuaker
Email / Tel. 0141 241 6150

More information on the JESSICA initiative can be found on the Scottish Government’s website
More information on SPRUCE can be found on the project website

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