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
Dr. Jonathon Porritt CBEFounder Director Forum for the Future
Chair Sustainable Development Commission
George Ferguson Immediate Past President
RIBA
Anne PowerProf Social Policy
LSE
Paul KingWWF
Igloo SRI Audit
JESSICA Background
• Powerful Instrument
• New Approach
• Poorly Understood
• Flexible Model
• Equity Co-investment Benefits
The blueprint model
Priorities(Political, economic, social)
Policy(RES, community plans, SPG etc.)
Property Strategy(Land assembly etc.)
Site Specific Plans(Development brief, master plan)
Physical DeliveryTraditional
Private Sector Engagement
Private Sector Engagement through PRPs
Development agreements
Site specific JVs
Regional JVs
Strategic Partnerships
Regeneration Process
What is a PRP?
PRP Co
RegenerationProjects
Property
Assets
Cash & Skills
Developmentor
Implementation
Level
Strategic orValue
CaptureLevel
3rd Party Debt
Public SectorBody
PrivateSectorPartner
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
emda (50%) EP (50%)
“emEP Ltd”50% vote
igloo50% vote
blueprint GeneralPartner
emda EP igloo
blueprint Limited Partnership
Partners
Shareholders
Blueprint
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