Projects

Greenside Blenheim House

Other

Urban Development

In 2017, SPRUCE provided a c£9m senior debt facility to CSG Blenheim House Limited, a special purpose vehicle sponsored by Chris Stewart Group. CSG Blenheim House was set up to acquire, expand and refurbish a c37,000 sq ft Grade A office with 18 basement and external car parking spaces located in east central Edinburgh.

Sector

Other

Urban Development

Location

Edinburgh, Scotland

Status

Operational

Equity Ownership

Senior Debt Facility – Fully Repaid

Financial Close

February 2017

Term Length

Medium term senior debt facility

About

The project has a strong alignment with SPRUCE’s strategic objectives and also Scottish Government regeneration policy. At the time of entering into the funding arrangements there were no pre-lets in place and no other commercial debt propositions for the developer to access. As such SPRUCE was the only lender to the project.

SPRUCE funding for the transaction originated from additional capital injected into the fund by the Scottish Government in the form of 2016/17 Financial Transactions Capital. This ring-fenced additional funding tranche was received into SPRUCE following the successful progress of the fund to date.

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Key impacts and benefits

Senior Debt Facility (Financial)

£ 0.0 m

Jobs Creation Target

> 0

Business Space Created

0,0 sqm

Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

SDG contribution

Outcomes

SPRUCE facilities have typically addressed market failure in the provision of funding to eligible projects that demonstrate a strong regeneration or low carbon rationale. Projects funded through SPRUCE have generated direct employment benefits to local populations.
The SPRUCE fund provides affordable, flexible, repayable facilities for project sponsors, and was designed to lever significant co-investment from public sector and private sector sponsors in supporting urban renewal and employment growth through revenue-generating projects. Typically, projects will address market failure, will demonstrate a strong regeneration rationale, and will generate direct employment benefits to local residents.
Funding is provided in the form of competitively priced senior loans, mezzanine loans and equity to eligible projects to be repaid within an agreed timescale. Funding can be provided to public, private or joint venture entities delivering regeneration or energy efficiency benefits.

Greenside Blenheim House

About

Sustainable Development Goals (SDGs)

Outcomes

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