Former Lord Mayor of London Sir Michael Bear visited Auckland today to raise interest in investing in a new regeneration projects.
Former Lord Mayor of London Sir Michael Bear visited Auckland today to raise interest in investing in a new regeneration projects.
A top London financier is in Auckland today to raise interest in investing in a new United Kingdom regeneration fund working on projects worth more than £100 billion.
Sir Michael Bear, a former Lord Mayor of London and a non-executive director of global consultants Arup, is the chairman of theRegeneration Investment Organisation, launched about 18 months ago by British Prime Minister David Cameron.
With Bear is Gavin Winbanks, the organisation's senior relationship manager: "We're here on a fact-finding mission. We have no New Zealand target and no commitments."
Bear said the organisation had a strong supply of regeneration projects worth more than £100 billion (NZ$239b) in capital value.
"But currently the offer is fragmented with delays and it's difficult for investors to navigate. The Regeneration Investment Organisation delivers a radical new approach to helping boost investment into the UK," he said, telling how returns could be as high as 20 per cent per annum.
Projects include Belfast's Titanic Quarter and Britain's Slough Town Centre.
Bear said the largest investors by value so far came from Malaysia, China, the United States, Canada and the United Arab Emirates "and we're hoping Australia and New Zealand might be next. We're looking for patient money looking for patient returns.
Projects can be three to five years and the average would be five to seven years."
