Birmingham, Bristol and Leeds councils were invited to Downing Street this morning to pitch regeneration projects to a room full of investors with billions of pounds at their disposal.
A mixture of private and public backers briefed 50 domestic and international investors on three projects in each city, with investment opportunities running in value from several million to £200m.
Investors from Asia and the Middle East were represented at the event. Those from the UK included REITs and Legal & General, which used the event to launch their £15bn city investment fund. The investor is putting in a £1.5bn allocation itself, as well as acting as manager. Cities minister Greg Clark said he hoped the fund would grow into a £25bn vehicle.
Bristol mayor George Ferguson, Birmingham leader Sir Albert Bore and Leeds chief executive Tom Riordan all pitched at the event, chaired by infrastructure minister Lord Deighton. Greater Birmingham & Solihull LEP chairman and John Lewis managing director Andy Street also presented on Birmingham.
Clark said there would be further events at Number 10 to showcase other cities, with today’s participants selected to ensure a city from the south of England, the Midlands and the North were all represented.
“When we talk to providers of capital they all want to do business in the UK,” said Lord Deighton. “But many of them need some more education about opportunities outside London. They are begging for investment opportunities because they have capital at home.”
