Squire Patton Boggs has advised Leeds City Region Revolving Investment Fund (RIF) in providing loans to the developer behind the Axiom regional shopping centre, which will be located directly off Junction 32 of the M62 motorway in the centre of Yorkshire, England’s largest county.
With all pre-commencement infrastructure works complete, the 106 acre site is now ready for construction of a retail and leisure destination, comprising more than 75 retail, restaurant and leisure units, together with a 10,000 capacity community stadium, which will become the new home of Castleford Tigers RLFC. The construction contract for Axiom is expected to be in the region of £160 million and the project received planning permission in September 2015.
The Squire Patton Boggs team was led by Financial Services partner Matthew Ingram and included Financial Services associate James Washington and Real Estate partner Andrew Sprake.
Research has shown that consumers are increasingly demanding more from their shopping locations, seeking out sustainable, open-air, mixed-use developments that blend innovative retail concepts and lifestyle amenities, and include green spaces and outdoor venues. The quality of the design and vision has led to several leading retailers signing leases for flagship regional stores at the development.
Matthew Ingram commented: “We are delighted to have supported Leeds City Region RIF and the developers in reaching this important milestone with Axiom. The development will support approximately 1,100 FTE construction jobs a year over the two-and-a-half-year build period, and the retail development will create in excess of 2,000 FTE on-site jobs once complete. This is exactly the type of project that the Leeds City Region RIF was designed to support, and we are proud to have been associated with it.”
Jacqui Gedman, Chair of the Leeds City Region RIF and Chief Executive Kirklees Council commented: “We identified the significance of this project and the positive difference it can make to communities in the ‘Five Towns’ area and provided RIF development finance to support pre-development infrastructure and enabling works. Our assistance will help speed up delivery of over 2,000 new jobs in Leeds City Region.”
Philip Lunn from Lateral Property Group, one of the partners in Axiom, commented: “We are pleased to have received this support from Leeds City Region. Having acquired the site, RIF funding has enabled us to carry out enabling works including diversion of a major power line which formerly crossed the site.”
Structured as a limited partnership with the local authorities in Leeds, Bradford, Wakefield, Kirklees, York, Harrogate and Calderdale as the limited partners, the Leeds City Region RIF was established by a Squire Patton Boggs team led by partners Matthew Ingram in Financial Services, Richard Hunt in Corporate and Mark Simpson in Tax Strategy & Benefits. The Leeds City Region RIF is designed to provide funding for commercially viable, private-sector led, infrastructure and construction projects in the Leeds City Region.