The London Green Fund, which is used to fund investment in waste facilities, decentralised energy and energy efficiency projects, is to receive a cash injection through the sale of the Gemini Business Park in Beckton, East London.
The proceeds from the London Development Agency (LDA) owned share in the eco-friendly business park will be invested into the London Green Fund to boost more sustainable development across the capital. The park has been sold to Aviva Investors Pensions for £16m
London Green Fund chair Edmund Lazarus said: “This sale will help bring further investment in green infrastructure in London. The London Green Fund is an exciting way to promote sustainable economic growth and help London reach its target of cutting carbon emissions by 60% by 2025.”
The deal covers 132,580 sq ft of space in the Gemini Business Park and was originally developed by the LDA as 27-unit sustainable business park.
The London Green Fund is part of the Joint European Support for Sustainable Investment in City Areas (JESSICA) and is made up of contributions from the London European Regional Development Fund (ERDF), the LDA and the London Waste and Recycling Board (LWaRB).