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A loan investment of £9.5m has been made into Citylabs by the North West Evergreen Fund and Lloyds Banking Group.

Citylabs is the redevelopment of Manchester's former Royal Eye Hospital being led by developers Bruntwood.

It is a new 100,000 sq ft biomedical centre of excellence featuring flexible office and laboratory space in Oxford Road.

The development is expected to create 440 new jobs and add £60m per year to Manchester's income when it opens in spring 2014.

The North West Evergreen Fund, which is made up of 16 local authority partners, was established to provide funding to support real estate projects critical to the region's economy.

The fund is advised by the investment services arm of property consultancy CBRE.

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