The Scottish Partnership for Regeneration in Urban Centres (SPRUCE) has committed a £12m loan from the Building Scotland Fund for the renovation of 55 Douglas Street in the centre of Glasgow.
The redevelopment of the site, which is due for completion in November 2019, will create 85,000 sq ft of Grade A office space, of which Glasgow has a shortage.
Communities Secretary Aileen Campbell said: “This investment is a great example of what we can do through the SPRUCE fund, using finance from the Building Scotland Fund.
“This loan will help support opportunities for new business to create new jobs, encourage more inward investment and lead to economic growth.”
SPRUCE is managed by Amber Infrastructure, an independent investment manager, on behalf of the EIB.
It was initially co-financed by the Scottish Government and the EIB, with a remit to offer loans and equity investments to revenue-generating infrastructure and energy-efficiency projects supporting regeneration.
The £150m Building Scotland Fund provides funding to non-public-sector organisations to develop housing and industrial and commercial space.
It granted SPRUCE an additional £25m in December 2018, from which the new loan is being made.
