Like its predecessor Brownfields Redevelopment Fund, Brownfields 3 is an environmental infrastructure fund dedicated to the remediation and redevelopment of environmentally impaired sites.
The Fund purchases former industrial, tertiary or commercial facilities, takes responsibility for asbestos removal, demolition and remediation, and defines a redevelopment program in close collaboration with the local communities. Such programs often are based on housing (including social housing) but can also include tertiary, commercial or industrial developments. The Fund will invest in projects mainly in the France and Benelux area but also in Spain and Poland. The Fund can commit up to 50% of its capital by participating in subsequent co-development on the cleaned sites.
The fund has raised EUR 250m from institutional investors, including the French Caisse des Dépôts, and the European Investment Bank. The Fund as a term of 10 years, five years investment period and benefits from the EFSI support.
The management company Brownfields Gestion has a strong track record in the sector, in particular using the “tiers-demandeur” procedure.