Agenda item

Report of the Executive Director of Environment/City Surveyor.

The Committee received a report of the Executive Director of Environment/ City Surveyor concerning the City of London Corporation’s activities at the MIPIM property exhibition in March 2023.

A Member stated the importance of looking at performance indicators to assist with planning for the next MIPIM exhibition and requested that when the funding report was presented to the Committee for the next MIPIM Exhibition, that more detail be included about expectations so that the success of attending could be measured.

The Chairman stated that MIPIM had been supported for several years. In recent years this particular event had been undertaken in the context of Opportunity London, a series of events and panels to promote London and key projects. Investments were long-term so it was difficult to provide KPI figures. However over 90% of property investment in the square mile was from international investors.  At MIPIM, the Corporation’s key policies and strategies were outlined to investors to enable them to decide whether these policies aligned with their own values and whether to invest.

An Officer stated that MIPIM was the biggest international property fair and the City’s competitors attended. The Opportunity London Group had agreed that the Corporation had delivered an exemplar programme of events over the two and a half days. 20 meetings had been held with international investors, sovereign wealth funds managers and pension fund managers, promoting key messages. Members were provided with a handout of these key messages. The Officer provided anecdotal examples of potential investment as a result of attending MIPIM. He advised that quantifying the investment that came into the City post attendance, was difficult as this could be short, medium or long term, however the Officer outlined anecdotal examples of potential investment and stated that it would be possible to put KPIs against objectives of attending future MIPIM exhibitions.

In response to a question from a Member, the Chairman stated that the Members attending, had a statutory duty to promote the City and presenting planning policies and strategies to investors was a key function of the role of Planning and Transportation Committee Chairman.

In response to a Member’s question, an Officer stated that there was an agreed budget for MIPIM attendance of £40,000 which was ringfenced for this purpose.

RESOLVED – That the Committee note the report.