West Midlands launches £3.8bn pot to unlock major schemes
West Midlands mayor Richard Parker says a multi-billion pound investment fund will usher in an unprecedented level of regeneration backing for the region, speaking at the launch of the initiative in Leeds.
The West Midlands Futures Fund will combine backing from a range of public sector bodies including WMCA, Homes England and the National Wealth Fund in a bid to unlock major development sites and match fund private investment initiatives.
Richard Parker, Mayor of the West Midlands, today (Tuesday 19 May) launched a new £3.8bn ‘war chest’ investment fund aimed at speeding up regeneration, building more affordable homes and creating jobs across the region.
The new West Midlands Futures Fund brings together money and backing from major public organisations, including the West Midlands Combined Authority, the West Midlands Pension Fund, Homes England, National Wealth Fund and other national investment bodies.
The funding will help deliver major projects across the Birmingham-North Solihull Gateway, Coventry Growth Arc, Sandwell-Dudley Metro Corridor and Wolverhampton-Walsall Growth Cluster, which represent a £19bn pipeline of investment opportunities.
Announcing the fund at the UKREiiF real estate show in Leeds, Parker said he wanted project developers to partner with himself and local council leaders and join the building boom sweeping the region.
“This gives us the financial firepower to invest in the things that matter most to local people – affordable homes, good jobs, skills and better transport.
“The West Midlands has never had this level of investment working together behind a single regional plan. We now have the chance to shape our own economic future and bring in billions more of private investment alongside it.
“I want developers and investors to work with us to help grow the economy and raise living standards right across the region.”
Further details of how developers can engage with the West Midlands Futures Fund will be available in due course, the combined authority says.
Oliver Holbourn, CEO of the National Wealth Fund, added: “Boosting regional investment is key to national growth.
“Through our Strategic Partnership with the Mayor of the West Midlands, we’re backing the ambition behind the West Midlands Investment Partnership, helping to develop the pipeline of investable projects that can unlock jobs and private investment for communities across the region.”
