The mayor of the West Midlands has issued a call for developers to come forward and seek investment for “high-impact” projects under a £3.8bn fund.
The West Midlands Futures Fund is seeking expressions of interest from the private sector for developments across the commercial, mixed-used and large-scale residential sectors.
The fund, first announced by mayor Richard Parker in May, brings together £3.8bn of public-sector investment and backing and aims to help unlock development, regeneration and economic growth across the region.
Established through the West Midlands Investment Partnership and led by the West Midlands Combined Authority (WMCA), it aligns investment from WMCA, the West Midlands Pension Fund, Homes England, the National Wealth Fund and other public-sector partners.
The initial £3.8bn seed funding included funds controlled by WMCA, and the pipeline commitments from West Midlands Pension Fund and Homes England.
A spokesperson said it also provides a “route to engage” with the National Wealth Fund, National Housing Bank, Office for Investment, The Crown Estate and business growth investment organisations, including the British Business Bank, Innovate UK, UK Export Finance and West Midlands Equity Co-Investment Fund.
It is expected that the scale of the fund will continue to increase as further funds and investment partners are brought on board.
The support may include senior or mezzanine debt, equity or co-investment, recoverable grant or other forms of intervention.
The fund is intended to accelerate strategically important projects; unlock development and regeneration opportunities and support the delivery of homes, employment space and enabling infrastructure. It is also intended to support West Midlands Growth Plan priorities; attract additional private-sector investment; and recycle public investment into future projects.
