Gowling WLG advised longstanding client, the North West Evergreen fund, on its £15 million investment to Allied London to part-fund the development of No. 1 Spinningfields in Manchester.
The investment will be used to part-fund No.1 Spinningfields, which is due to complete in 2017 and will be the highest specified commercial building in Manchester, as well as being located in the iconic Spinningfields area. Plans include potential for restaurants, cafes and retail outlets on the ground floor and a skyline restaurant on the 19th.
Partner Kirsty Barnes led on the deal with assistance from principal associate Ed Hall of the banking and finance team.
Kirsty said: "we value our relationship with Evergreen, having worked with them before, and it's really great to see the work they do bearing fruit and supporting the economy. The completion of No. 1 in 2017 will bring further prestige and prestigious tenants to the already-iconic Spinningfields business district".
The North West Evergreen Fund is made up of 16 local authority limited partners established to provide funding to support real estate projects deemed critical to the region's economy. The model provides loan funding to be invested in projects which will generate a financial return, which will then be fed back into the fund to help support future projects.
The fund is advised by CBRE Indirect Investment Services limited, the FSA regulated arm of CBRE Capital Advisors and co-chaired by Manchester city council and Lancashire County Council. In order to allow the investment to take place, the Gowling WLG team had to work closely with all parties in order to achieve the best possible outcome.