Article date: 19 February 2001
Morley Fund Management ('Morley') has set up a £200 millionurban regeneration fund, known as the Igloo RegenerationPartnership. Chris Brown, a leading voice in urban regeneration andcurrent Director of amec Developments, will be joining the Fund asDevelopment Manager from amec in April this year.
Igloo will fund urban regeneration developments in UK towns andcities, and retain its investment in these projects over the longterm to ensure they are successful.
Phil Clark, the Fund Manager at Morley responsible for the newfund, said:
'We will be investing in partnership with local authorities toachieve regeneration in the difficult mixed use (residential andcommercial) neighbourhoods around town and city centres whichinstitutional investors often ignore. '
Ian Womack, Head of Property at Morley, said:
'This fund brings together the expertise we have been buildingthrough other funds which we have established in the privateresidential, social housing, hotel, healthcare and PFI sectors.Regeneration projects also have strong Socially ResponsibleInvestment characteristics, an area which is key to Morley.'
Chris Brown, Development Manager elect for the IglooRegeneration fund, said:
'The key to funding regeneration is to combine innovativedevelopment solutions with a long term investment approach. TheFund takes regeneration into an exciting new phase.'
Chris Brown is one of the leading players in the current thinkingon regeneration. He is a member of the Urban Task Force WorkingGroup and Chair of the RICS Regeneration Panel. Chris has beeninvolved with regeneration for most of his career, working onprojects such as Albert Dock, Liverpool and Newcastle Quayside, aswell as major PFI projects like the purchase of the MoD marriedquarters estate by Annington Homes and the construction of 1.4million square feet of offices for the Inland Revenue in the NorthEast.
The new fund has been welcomed by the Government andindustry:
Regeneration Minister, Hilary Armstrong MP, said:
"We are keen to encourage long-term, private sector investmentin our towns and cities. I therefore welcome this initiative byMorley Fund Management as a contribution to achieving urbanregeneration."
Ken Dytor, Chief Executive of Urban Catalyst, a specialist Urbanregeneration developer, said:
'It has always been difficult to attract long term institutionalequity into urban regeneration. This pioneering move by Morleydeserves to succeed.'
The initial investment for the Igloo Regeneration Fund has beensourced from internal clients within Morley. It is anticipated thatnew investors will be sought towards the end of the year.
For further information please contact
Morley Fund Management
Phil Clark (Igloo Regeneration fund manager)
020 7809 6873
Gay Collins/Caroline Deutsch
020 7786 4888
Notes to Editors
Much of the urban white paper is based on the report of theUrban Task Force led by Lord Rogers 'Towards an Urban Renaissance'which seeks to encourage investment back into town and city centresand to prevent greenfield urban sprawl. This approach has all partypolitical support.
A particular focus of the Urban Task Force is the encouragementof private investment through fiscal incentives, some of which wereannounced by the Chancellor of the Exchequer in the pre budgetstatement and some of which are contained in the local governmentfinance green paper.
The Fund will be targeting areas such as Thames Gateway,Liverpool and East Manchester.
CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc - the world's 6th largest insurer, the UK's largestinsurance group and one of the top-five life insurers in Europewith substantial positions in other markets around the world.
CGNU's principal business activities are long-term savings,asset management and general insurance with worldwide premiumincome and retail investment sales of £26 billion and assets undermanagement of more than £200 billion.
The institutional fund management business of CGNU in the UKwill operate under the Morley brand whilst retail investmentbusinesses will operate under the Norwich Union brand.
Morley Fund Management is a business name ofMorley Fund Management Limited (incorporated in England withRegistered No. 1151805 and Registered Office 1 Poultry London EC2R8EJ) and Norwich Union Investment Management Limited (incorporatedin England with Registered No. 2152949 and Registered Office 8Surrey Street Norwich NR1 3NG) both regulated by IMRO and membersof the CGNU Group.