Citylabs secures £9.5m loan
CITYLABS, the 100,000 sq ft biomedical centre being developed by Bruntwood at Manchester’s former Royal Eye Hospital, has received a loan of £9.5m.
It has come from the North West Evergreen Fund, backed with cash from Europe and local authority pension funds, and Lloyds Banking Group.
Citylabs is due to open next year and promises to generate 440 jobs and add £60m a year to the city’s economy.
It already has pre-lets signed with the Central Manchester University Hospitals NHS Foundation Trust, The Manchester College, NHS spin-out TRUSTECH and Icon Developments.
A consortium led by the 10 Greater Manchester councils manages the Evergreen Fund. When it was established two years ago it consisted of £20m from Europe, £10m from the North West Development Agency and £30m in match funding. Some £50m was expected to come from the Greater Manchester Pension Fund.
This is its second investment, following last month’s £6m loan to the Soapworks development in Salford.
