A NEW company which will oversee £100million of redevelopment on Wearside is officially under way today.
An agreement to establish Siglion, a joint venture company formed between Carillion and Sunderland City Council, with Igloo Regeneration providing development and asset management and has also acquired an investment portfolio of industrial, retail and office property across the city from the city council.
These will be actively managed by Siglion to increase their value, job opportunities and economic return to the city and wider region.
There will be at least £100million of development by Siglion over the first eight years.
City council leader Coun Paul Watson said: “It’s fantastic news that Siglion can now drive forward the city’s largest-ever development programme.
“The signing is a major step forward in propelling regeneration and economic growth that will transform key city sites.
“It also ramps up our ability to attract new investment, following on the major works currently being carried out in Sunderland. We are excited about working with our partners who are as committed as we are to the long-term success of the city.”
John Tatham, Partnerships Director of Igloo Regeneration said: “In agreeing the details of this joint venture with the City Council, Igloo and Carillion are dedicating investment and resources to deliver this regeneration, spearheading a step-change in the Sunderland economy.”
Neil McMillan is Development Director with Carillion Developments: “Signing this transformational joint venture is an important milestone for Siglion and Sunderland. We now look forward to engaging with local businesses and key stakeholders who are keen to play their part in helping to deliver this vision for Sunderland,” he said.