Vince Cable has welcomed the announcement of a £700 million investment deal. Backed by global investment firm Gatehouse Bank, the funds will be provided through Sigma Capital Group.
The partnership will allow urban and residential regeneration specialist firm Sigma to potentially develop 6,600 privately rented UK homes. Sites for a further 2,000 residential properties have been earmarked in Liverpool and Greater Manchester. If the housing plans stretch further, builders on the Wirral and other nearby areas will no doubt be looking forward to increases in demand.
The arrangement was facilitated by the UK Trade and Investment’s new Regeneration Investment Organisation, or ‘RIO’.
RIO has an independent board of advisors featuring big payers from the government and UK businesses, chaired by Sir Michael Bear, former City of London Lord Mayor.
Mr Cable said of the news:
“Today’s announcement from Sigma Capital and Gatehouse Bank will create thousands of modern new homes as well as new jobs in Liverpool and Manchester, with similar plans in the pipeline for other regions in the country.
“The UK’s inward investment is booming, growing by 11 per cent last year alone.”
He went on to say that the UK has big plans and the government wishes to ensure that any investment received is distributed throughout the UK, as opposed to purely in the capital and the rest of the south.
He feels that by ensuring all regions can access financial opportunities, RIO should be in a position to assist all regions in the UK to fulfil their potential.
