BWP REIT wins Levelling Up funding to improve building safety

BWP REIT PLC - real estate investment trust - Receives approval from UK government's Department for Levelling Up, Housing & Communities for its application to the Building Safety Fund. BWP will use the funding to remediate the non-aluminium composite material or non-ACM cladding at Bridgewater Place, a mixed-use building in Leeds, England. Funding distribution will commence once Grant Funding Agreement is signed. BWP does not confirm exact amount but expects funding in excess of GBP5 million.

Chair Edmund Craston says: "This is great news for Bridgewater Place. While we had always hoped the application to the BSF would be successful, no receipts were factored into the original business plan. These funds will enable the company to redeploy part of its original capex allocation towards the wider refurbishment and modernisation works to the building, further improving its attractiveness to occupiers."

By Emma Curzon, Alliance News reporter

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