To go to MIPIM, or not? That is the question for any politician weighing up the benefits of attracting investment into their region against the potential public backlash of being associated with champagne-fuelled yacht parties hosted by the property industry.
The stakes have been raised this year as Momentum-fuelled venom towards public-private partnerships poses increasing political danger, while the recent Presidents’ Club scandal has put unflattering aspects of the industry under close public scrutiny.
But with Brexit looming and a guaranteed turnout from European mayors advertising their own investment opportunities, is it wise to miss out on arguably the best marketing event for regeneration projects?
Next month’s Cannes conference will be the first opportunity for the UK’s six metro mayors, elected last May, to declare their stance on MIPIM.
West Midlands Conservative mayor Andy Street has confirmed his attendance, and will arrive on Boulevard de la Croisette armed with a trophy parade of major investment opportunities for the region. He will be joined by his new director of housing & regeneration, Gareth Bradford, and chief executive Deborah Cadman.
Liverpool’s Labour metro mayor, Steve Rotheram, will also attend, leading a city region delegation promoting investment opportunities.
“MIPIM is the world’s leading property industry event, and as one of major development hotspots in the UK, it is important that we have a presence there,” he says.
For Cambridgeshire & Peterborough Conservative mayor James Palmer, MIPIM is an opportunity to showcase the region’s potential for “international businesses looking for a new European headquarters, their first foothold in the UK, or investors looking to back a winning area.”
He says: “I am here to make sure that everyone knows that Cambridgeshire & Peterborough is open for business and ready to help welcome new businesses and new investment into our area.”
West of England Conservative mayor Tim Bowles will be the face of the region’s £10bn investment prospectus, led by business and public sector partners from Bristol and Bath.
“Based on predicted growth, over the next 20 years we estimate that we will need to invest more than £10bn in infrastructure,” says Bowles.
“We have a unique long-term spatial and infrastructure plan and we need significant private sector investment to deliver on this.
“We are going to MIPIM to start discussions with the global real estate investment community about how it can get involved.”
Greater Manchester, which has something of a tradition of outshining the other authorities with its celebrity contingent (sportsmen-turned-developers Gary Neville, Ryan Giggs and Andrew Flintoff were all in Cannes last year promoting the region), and, for the first time last year, a pavilion on the beach, will not be accompanied by the region’s Labour mayor Andy Burnham.
London mayor Sadiq Khan and Ben Houchen, Conservative mayor for Tees Valley, have also decided to give it a miss, and will send two key representatives, including London deputy mayor for housing James Murray and deputy mayor for planning Jules Pipe.
All of the authorities without mayoral representation were keen to stress their absence was not for lack of ambition.
Burnham said his decision to not attend was in no way a boycott. Instead, he will be attending the film, media and music conference South by Southwest in Texas, in the US, to promote Manchester’s digital economy, while Manchester City Council chief executive and GM deputy mayor for business and economy Sir Richard Leese attends MIPIM.
Eamonn Boylan, chief executive of the Greater Manchester Combined Authority, who will also attend, said the region has identified the need for around £15bn to deliver its 20-year growth plan of 227,000 new homes and millions of square feet of employment space.
“We need to work with developers to ensure we can generate the capacity to deliver this,” he said.
How should politicians explain their attendance?
Phil Briscoe, managing director of public and corporate affairs agency Newington Communications, shares some advice:
“MIPIM is just like any other conference, in that it attracts thousands of participants and exhibitors, some of whom try to outdo each other with hospitality and entertainment. Where it differs is on scale and international reach, with more than 25,000 people and participants from dozens of countries, it is a property event of an unparalleled scale and reach.
“Crucially, it is about demonstrating value and concrete outputs. Any elected official is used to exercising judgement around how they are perceived by electors and MIPIM is no different to any election campaign – demonstrate value in attending, produce tangible results and champion the interests of the local area. And remember the only real difference between MIPIM and any UK conference is that it is held in France – we still have yachts, champagne and sometimes sun!”
A spokesman for Khan said: “MIPIM brings together senior representatives of the property industry in one location and is an opportunity to show that London is open for business.”
And Tees Valley representatives said: “Tees Valley is a very ambitious region with some huge investment plans and an ambitious vision.”
So does a no-show matter? Some members of the industry have been disappointed by Khan’s absence at property events, compared to his predecessor Boris Johnson, who always attended MIPIM to promote the capital to investors.
“It is a shame that Sadiq Khan will be absent at this year’s MIPIM event,” says Dean Clifford, co-founder of central London residential developer Great Marlborough Estates.
“These sorts of events can offer opportunities to foster new public-private partnerships which can help deliver the homes that the capital needs.”
Commenting on Burnham’s absence, Henry Brooks, managing director of Cheshire-based TEM Property, says: “I think there are other figureheads [in Greater Manchester] so compared with somewhere without those figureheads they can probably get away with it.
“We are very much hoping to get representation from Cheshire & Warrington, which doesn’t have a devolution deal yet, because it’s so important that the public sector is able to secure private investment.”
However, the yacht-side parties, which are integral to the event, do pose a public relations conundrum for political attendees. With the local elections coming up in May, it would be easy for any councillors or council leaders to be criticised by opponents for their attendance at the event.
A scan of the attendance list suggests the event will be as well-attended by the public sector as in recent years.
Some 1,681 government representatives from around the world are registered to attend, many of whom will have secured private sector sponsorship.
Great Manchester and the West Midlands have both made videos to explain why attending MIPIM is important for their regions.
It is more important than ever for politicians to demonstrate concrete outcomes to avoid accusations of using their positions to enjoy “a jolly in Cannes”.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
