Date lodged: 29 April 2019
To ask the Scottish Government what conditions are attached to the £30 million that has been provided by the Building Scotland Fund to the property group, Sigma.
Answered by: Kevin Stewart 8 May 2019
The £30m is a commercial loan between Scottish Ministers, via the Building Scotland Fund, and a Sigma Capital Group company. Key aspects of its design are that:
- The loan is a revolving credit facility.
- The loan is interest-bearing and repayable on commercial terms.
- The completed properties will be used for private rent and professionally managed by Sigma.
- The finance will help deliver up to 1,800 new homes for private rent across Scotland.
- Scottish Government has the appropriate financial and commercial controls to ensure that these homes are delivered in line with the terms of the agreement.
Further details are considered commercially confidential and I am therefore unable to provide additional information on the individual terms of this agreement.