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Written Statement - Wales Property Development Fund

Edwina Hart, Minister for Economy, Science and Transport

On 28 May I announced the launch of a £10m Wales Property Development Fund.  The Fund will be managed by Finance Wales and will support smaller scale property ventures in Wales and provide a vital boost for the construction industry.

The Fund will operate on a commercial basis and by recycling investment returns, typically within 18-24 months, produce an ‘evergreen’ fund with the potential to provide up to £30m of available finance over five years.

This could create an additional benefit to the Welsh economy of around £19m, creating up to 900 direct and indirect jobs and safeguard in the region of 700 jobs.

The Fund has been created in response to the strong demand from small and medium size construction companies that are unable to access finance from traditional sources.

Construction is one of our key sectors with the potential to make a significant impact on the economy.  

You can access the press notice issued on 28 May online.