Birmingham seeks £1bn investment at MIPIM
Birmingham City Council has targeted sovereign wealth funds from Abu Dhabi and China at MIPIM as it seeks to attract £1bn in investment into the city.
A delegation from the city, Business Birmingham, has travelled to MIPIM to talk to wealth funds from countries also including Norway and Saudi Arabia.
Birmingham City Council leader Mike Whitby said: “In the current economic climate, finding the funding needed for ambitious development projects can be challenging.
“Sovereign wealth funds have the means, liquidity and long-term vision to support such investments and could be the key to unlocking Birmingham’s potential as a truly competitive global city.”
Ongoing and planned investment in Birmingham:
Airport Expansion - £125m
Enterprise Zone - £750m
Green housing retrofit - £100m
Highway/Lighting PFI - £2.7bn
Library of Birmingham - £190m
Midland Metro - £125m
New Street Station - £630m
High Speed 2 - £1.5bn
Cllr Whitby will launch the Sovereign Wealth & Institutional Funds Prospectus later today, which highlights nine ‘revolutionary developments’ and opportunities for SWFs to partner on their delivery.
He added: “This is the next step in a campaign of targeted dialogue for Birmingham with the world’s leading SWFs and, over the next 10 months, we are planning to engage the most active and able funds with the full extent of the city’s investment opportunities. We believe we are one of the only UK cities targeting these funds in this way.”
Eastside – a key site that will house the planned HS2 station building as well as Eastside Locks (a high density urban business park) and Masshouse (a 74,000 sq m site containing Grade A office space as well as retail and residential elements) – which represents a combined capital investment opportunity of £310 million.
Paradise Circus – a city centre redevelopment project seeking £100m investment tol link the prestigious Southside business and entertainment district to the main city centre. The project is a partnership between the City Council and Argent and will be one of the most significant city centre regeneration schemes to take place in Europe.
The prospectus, in line with the Big City Plan, is a venture between Birmingham City Council and the private sector and highlights the collaborative approach needed to lever major investment in the current climate.
Birmingham City Council strategic director for development Mark Barrow said: “While the current climate presents challenges, the cities that can find innovative ways of getting transformational developments off the ground will benefit in the long term. Birmingham cannot afford to stand still.”
Click here to read a copy of the Birmingham Sovereign Wealth & Institutional Funds Prospectus.