An £800million boost to Manchester Airport will bring 1,600 jobs to the North West in a joint venture with Beijing Construction Group (BCEG).
The Beijing company will work closely with Carillion PLC and the Greater Manchester Pension Fund to support the Airport City project.
Manchester has the UK’s third busiest airport and by developing Airport City into an Enterprise zone it will attract international businesses leading to a surge in new job roles.
The project was granted outline planning permission at the start of this year and will provide a mix of offices, hotels, logistics, warehousing and manufacturing facilities accumulating to 5million square feet of development.
Charlie Cornish, Chief Executive of MAG, said: “We are delighted to confirm organisations of global standing as our joint venture partners.
“The inclusion of BCEG is significant because as a Group, we have been keen to forge greater links with the Far East and this gives us an opportunity to strengthen vital business links with China.
“With GMPF on board, Greater Manchester is investing in the future of the North West and Carillion bring sector-leading experience in project finance, delivery and sustainability, both in the UK and internationally.
“In Argent, we have one of the most renowned developers in its field and by working together as a partnership, we are well positioned to deliver the UK’s first Airport City.”
Argent has been appointed by the joint venture as development manager for the scheme as one of the leading developers in the UK.
After the successful completion of projects in Manchester such as One Piccadilly Gardens and Piccadilly Place, and most recently, One St. Peter’s Square.
BCEG is a leading construction and engineering company in China and is already active in global markets, particularly in the USA.
In 2012, the UK and China set a target of growing bilateral trade to $100bn by 2015 when Chinese investment into the UK stood at around $8bn at that time.
The Airport City deal presents one of the largest joint investments into the UK and is expected to be one of the biggest regeneration schemes since the Olympics redevelopment in London.
Mr Xing Yan, Managing Director of BCEG International Co. Ltd, said: “To be included in such an interesting and unique development is a real honour.
“To be part of a project of this size and scale, working alongside other such highly regarded organisations, will be an exciting, challenging and rewarding opportunity, which we look forward to beginning.
“We see our involvement in Airport City as an extension of the memorandum of understanding between China and the UK, where we have been looking to further explore joint infrastructure opportunities for some time.”
Carillion PLC already has vast experience in the UK, Middle East, North Africa and Canada and will be an important conduit between the UK and Chinese sectors.
Richard Howson, Chief Executive of Carillion, said: “We look forward to working in partnership with MAG to deliver Airport City, which will further enhance Manchester’s position as one of the premier airports in the world.”
Image courtesy of NewbieRunner via Flickr, with thanks.