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