Investment a step closer
THE company behind Liverpool's £750m Paradise Street retail development told the Daily Post last night it was close to securing funding for the project.
Grosvenor said it was talking to several possible investors who were interested in putting their money in.
It was reported at the end of last week that German fund manager Deka was considering investing £200m into the scheme.
Other interested parties are believed to include Hermes, Liverpool Victoria and CIS.
Grosvenor fund management director Mervyn Howard refused to reveal who the investors were but added: "We are negotiating with a number of interested parties from both the UK and overseas and we are getting a lot closer to finalising our views.
"When we have put the package together, we need to present it to Liverpool City Council for approval with a view to getting on site later this year."
The scheme, comprising 1.6m sq ft of retail space as well as leisure facilities and luxury apartments, was originally backed by Henderson Global Investors but it pulled out last year.
Securing funding for the scheme is not the only issue facing Grosvenor and the city council.
Deputy Prime Minister John Prescott is to decide in the next few days whether or not to approve compulsory purchase orders which are essential if the scheme is to go ahead.
Culture and retail centre Quiggins is among those who have fought to retain ownership of their properties. Retailers are said to be clamouring for sites in the prestige development.
By Tony Mcdonough, Daily Post
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