The new body will be called the Regeneration Investment Organisation and will operate as part of UK Trade and Investment.
It will boast an independent advisory board comprised of big hitters from British business and government and chaired by former Lord Mayor of the City of London Sir Michael Bear.
Members include Argent CEO David Partridge, St Modwin CEO Bill Oliver, Macquarie’s Jonathan Harris, and Professor Michael Parkinson of Liverpool University.
RIO’s job will be to attract more inward investment into UK regeneration projects. It will focus on identifying credible projects and securing new investment by matching the UK’s needs with those of interested investors from around the world.
Unveiling plans for the body at the the Lord Mayor’s Banquet in London last night, David Cameron said: “I am delighted that former Lord Mayor Sir Michael Bear has agreed to chair a new Regeneration Investment Organisation.
“This will act as a one-stop shop for our major inward investment opportunities – with £100bn of possible projects on the table.
“These projects won’t just mean new jobs in London or the South East – but right across the whole country.
“And the first deal is just days away to boost regeneration in places like Liverpool, Salford, Sheffield and Leeds.”
Recent international investment secured by UKTI include the Battersea Power Station project, Chinese investments in London’s Nine Elms and Royal Albert Dock, and Chinese investment into Manchester through Manchester City Airport.
The RIO will build on this success by creating an easier point of entry for investors and creating stronger links and better support for new projects throughout the UK.
Liz Peace, chief executive of the BPF, said: “We are delighted that Government has heeded the calls of the UK development industry and has tasked UKTI to do more to attract investment into major development and regeneration opportunities.
“There are a number of excellent regeneration investment opportunities across the UK that, with the right kind of marketing, will be extremely attractive to overseas investors. Sir Michael’s involvement bodes particularly well in view of his strong background in property and construction.
“The UK has historically been welcoming of those who wish to invest in our country, and we would urge Government to ensure that the current speculation over the tax treatment of foreign investors is not allowed to hold back this important initiative.”
