A JESSICA Model Igloo Regeneration

A JESSICA Model • • • Igloo Regeneration JESSICA Background The Blueprint Model Delivering JESSICA Conclusions

Digital Media Centre

Igloo Regeneration • • April 2002 € 200 m equity 15 investors Fund Managers, Pension Funds, Ethical Investors • € 4. 5 Billion end value portfolio

Leeds, Tower Works

Igloo Regeneration • • • Mixed use, Well designed, Environmentally sustainable Property developments Edge of the top 20 city centres

Bermondsey Square

Igloo Regeneration • • Fund developers Invest in partnerships with the public regeneration agencies Develop and hold investments Buy completed investments

Cardiff, Tiger Bay

Igloo Footprint • • Design, Environment, Social, Happiness Core Business Process Four Assessment Stages High Profile Audit Committee

Igloo SRI Scoring

Igloo SRI Audit Dr. Jonathon Porritt CBE Founder Director Forum for the Future Chair Sustainable Development Commission George Ferguson Immediate Past President RIBA Anne Power Prof Social Policy LSE Paul King WWF

JESSICA Background • • • Powerful Instrument New Approach Poorly Understood Flexible Model Equity Co-investment Benefits

The blueprint model

Regeneration Process Priorities (Political, economic, social) Policy (RES, community plans, SPG etc. ) Property Strategy (Land assembly etc. ) Development agreements Site specific JVs Traditional Private Sector Engagement Site Specific Plans (Development brief, master plan) Physical Delivery Private Sector Engagement through PRPs Regional JVs Strategic Partnerships

What is a PRP? Strategic or Value Capture Level Public Sector Body Property Assets Cash & Skills PRP Co Development or Implementation Level Regeneration Projects Private Sector Partner 3 rd Party Debt

What is blueprint? • A 50: 50 Limited Partnership • £ 500 M of regeneration in the East Midlands • Funded by property, equity and debt • 6 initial developments • Investing in new priority projects

Blueprint emda (50%) EP (50%) Shareholders “em. EP Ltd” 50% vote igloo 50% vote Partners blueprint General Partner emda EP blueprint Limited Partnership igloo

Blueprint • • • Partnerships with Cities Commercial returns with public support Private sector status Revolving Fund Public capital multiplies 400% in 10 years

Nottingham Science Park

Nottingham Science Park

Leicester Digital Media Centre

Leicester Digital Media Centre

Delivering JESSICA • Blueprint Success • JESSICA Model • Jessica Future

Conclusions • UK JESSICA Vehicle Pipeline • Public: Private capital and skills • JESSICA – a powerful regeneration tool

www. igloo. uk. net ‘The World’s First Responsible Property Fund’ – UNITED NATIONS 2006