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					       A JESSICA Model
•   Igloo Regeneration
•   JESSICA Background
•   The Blueprint Model
•   Delivering JESSICA
•   Conclusions
Digital Media Centre
       Igloo Regeneration
• April 2002
• €200m 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             Anne Power
                                                          Paul King
Immediate Past President    Prof Social Policy
                                                            WWF
         RIBA                      LSE
     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                                              Private Sector
                          Site Specific Plans
 Site specific JVs                                        Engagement
                      (Development brief, master plan)   through PRPs

Traditional Private                                      Regional JVs
      Sector               Physical Delivery
   Engagement                                            Strategic
                                                         Partnerships
                  What is a PRP?



                 Public Sector                             Private
                                 Property        Cash &    Sector
 Strategic or       Body
                                  Assets          Skills   Partner
Value Capture
    Level
                                                           3rd Party
                                        PRP Co               Debt

 Development
      or
Implementation
     Level
                                      Regeneration
                                        Projects
         What is blueprint?

• A 50:50 Limited Partnership
• £500M 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
“emEP Ltd”           igloo
50% vote           50% vote

                                                   Partners


       blueprint General
                                      emda           EP       igloo
            Partner




                              blueprint Limited Partnership
                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

				
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