Tender process launched for international development and funding partners for Airport City
18th December 2012
Expressions of interest from international development and investment partners are being sought by M.A.G for its £650 million Airport City scheme, the first of its kind in the UK.
M.A.G has appointed the leading global property advisor, CBRE, to manage the tender process on its behalf - and developers and investors are now able to register their interest in the project by contacting Colin Thomasson at CBRE. The registration process will run until 21 January 2013.
Further information information on the development and tender process is available here: www.airportcity.co.uk/investment
Airport City is the core element of the Government designated Enterprise Zone surrounding the UK’s third busiest airport, Manchester. It aims to compete with existing airport city and ‘aerotropolis’ projects outside the UK, including Barcelona and Amsterdam.
In order to realise the scale of the ambition, M.A.G is seeking a Joint Venture Co-Investment and Development Partner (s) for Airport City, with expertise and experience of international business space delivery, alongside access to international occupiers and large-scale financing capabilities – potentially for the entire scheme – alongside M.A.G’s land ownership and expertise in airport developments.
John Atkins, M.A.G’s Airport City Director, said: “As recognised by the UK Government in its Enterprise Zone designation, Airport City is a unique commercial product for the UK that will meet demand that currently exists for a high-quality, sustainable and well-connected environment with access to the global marketplace.
“With Manchester Airport’s international connectivity and passenger growth prospects, Airport City is the prime investment opportunity in one of the best cities with the strongest investment potential in the UK. Driven by Manchester’s academic, scientific, and digital credentials, Airport City will compete with similar schemes at Barcelona, Frankfurt and Amsterdam; with the aim of attracting international occupiers that would not previously have located in the region, or even the UK.”
Colin Thomasson, Senior Director, CBRE, said: “Airport City is a compelling opportunity for developers and investors. Manchester is becoming an important hub for international investment and the airport itself is flourishing on the back of this and the fact that airport capacity in the south east of the UK is severely constrained. We believe that Airport City will become the most significant development project in the UK since the regeneration of East London began in 2005 for the Olympics.
“Underscoring its potential, Manchester already has close ties with China and the Middle East and we are confident that this opportunity will attract a number of high calibre global development and investment partners. Due to the size and complexity of the project we are seeking partners with previous experience in delivering similar large scale development projects.”
Airport City already has significant backing as it is the focal point for Manchester’s wider Enterprise Zone and benefits from financial incentives and reduced planning restrictions to support growth. Infrastructure is already in place following recent major investments, providing excellent multi-modal transport connectivity, including a major mainline rail station and public transport interchange – with a workforce of 5.2 million within a one hour commute. The site has several direct access points to the UK motorway network placing a consumer market of 25 million and 60% of all UK businesses within two hours drive time. A new £300 million Enterprise Zone tramline is also under construction.
Due to its growth potential and strategic position within the UK, Manchester and its airport already has significant links to other global hubs. With the third largest Chinese community in Europe, Manchester is in the unique position of already having a very strong relationship with what is Asia’s largest economy and the second largest in the world. Manchester Airport is the sister airport of Beijing Capital International Airport – the second largest in the world – and the most important aviation hub in China, handling 74 million passengers, providing a gateway to hundreds of other destinations in the Far East. Last year, more than £4 billion of business was struck between China and the North West of England.
Manchester is known throughout the world for its football teams, with more than 70 million Manchester United supporters thought to live in China alone. Sheikh Mansour bin Zayed bin Sultan Al Nahyan, a member of the ruling family of Abu Dhabi in the UAE, recently made a £1 billion investment into Manchester City Football Club. Etihad Airways, a flag carrier of the UAE, has its European Contact Centre in Manchester; and has sponsored Manchester City FC since 2009.
Manchester Airport is the UK’s third busiest carrying around 20 million passengers annually, with flights to more than 200 global destinations Over 6.5 million people (8% of the UK population) live in Manchester and the North West area, accounting for 11% of UK GDP. Football helps to contribute to tourism revenues, adding c.£10 billion to the region’s economy and attracting 29 million visitors per year.
For more information contact the M.A.G press office on 0161 489 2700 or email firstname.lastname@example.org
About the tender
CBRE, the leading global property advisor, has been appointed to manage the tender process on behalf of M.A.G - and developers and investors are now able to register their interest in the project by contacting Colin Thomasson at CBRE via www.airportcity.co.uk/investment. The registration process runs until 21 January 2013.†
Published on: 18/12/2012 12:00:00