Liverpool city region Mayor Steve Rotherham launches £2bn investment fund to a global audience at the MIPIM expo in the South of France. Tony McDonough reports
A new £2bn Liverpool city region investment fund will aim to accelerate economic growth by backing property, innovation, manufacturing and housing projects.
On Tuesday city region Mayor Steve Rotheram will announce the fund to global investors at the MIPIM expo in the South of France. He is leading a delegation to the annual event in Cannes which attracts around 20,000 delegates from 90 countries.
This fund will bring together new and existing public funding into a single investment pot, helping unlock stalled sites, accelerate regeneration and attract billions more in private and institutional investment.
Included in the pot is some previously announced funding such as the £700m for housing projects and other money from Whitehall for major transport scheme. A new integrated funding settlement from Government has given the Mayor the flexibility to create the fund.
It all forms part of Mr Rotheram’s plan to grow the economy by £10bn over the next decade, creating tens of thousands of new jobs.
Initial investments will focus on delivering high-quality office space in Liverpool city centre, likely the proposed Pall Mall development in the commercial district, alongside new lab space and industrial units across the wider city region.
It will also help fast-track housebuilding, supporting a £2bn development pipeline expected to deliver up to 64,000 new homes and the infrastructure needed to support growing communities.
Further investment will support major transport improvements and regeneration projects, including plans for four new rail stations, a rapid transit system and transport-linked development across the region.
“Anyone who knows this region knows we’ve never been short of ambition – what we’ve sometimes lacked are the tools and funding to turn that ambition into reality,” said the Mayor.
“Over the last few years, however, devolution has started to change that. We’ve been able to put our money where our mouth is and invest in things that really matter to people here.
“(They include) new train stations, a publicly owned fleet of trains, multi-modal interchanges, a fast-growing digital network and tens of thousands of new jobs and apprenticeships.
“But we all know there’s still so much more potential waiting to be unlocked. Too many sites have stood still for years, too many opportunities have passed us by, and too many talented young people have felt they’ve had to leave the region to get on in life.
“Well no longer. With this £2bn Investment Fund we’re setting out to change that – giving us the firepower to unlock development, build the homes people need and back the industries that will create the next generation of good, well-paid jobs.”
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Liverpool, and latterly the city region, has been attending MIPIM (Le Marché International des Professionnels de L’immobilier) for around 30 years. This year a total of 30 companies and organisations will make the trip to the French Riviera – the biggest event delegation.
Among the delegates were investors managing funds worth around £4 trillion. City regions such as Liverpool descend on the event each year in the hope of grabbing a slice of that wealth.