The operation is a private equity fund targeting the purchase, rehabilitation and eventual sale of commercial buildings in the UK.
The fund will invest principally in existing buildings that need rehabilitation and energy efficiency upgrading, acquiring a limited number of office assets and rehabilitating them to reach energy efficiency performance above legally required levels.
his operation intends to bring environmental benefits by supporting projects that reduce energy consumption, and help to mitigate climate change. The individual projects to be financed will apply sustainability principles to reach energy efficiency performance levels above those required by applicable regulations.
The Bank will assess the promoter’s capacity and procedures to ensure compliance with national and European environmental regulations of the individual projects.
The projects financed by the fund are expected to be owned by private companies, operating without exclusive or special rights, within the meaning of Utilities Directive 2004/17/EC. Therefore the investments would not normally be obliged to follow public procurement procedures in order to satisfy the criteria of economy and efficiency. The fund’s investment guidelines will be required to ensure that procurement procedures applied by the underlying investment are in line with the relevant procurement directives.