London councillors are jetting off to the French Riviera in the search of sustainable investors willing to pump eco-friendly funds into the capital.
A flurry of prominent London property figures are set to attend MIPIM, the enormous property conference which takes place in Cannes this week, in a bid to entice major foreign investors to use their funds to make London commercial properties more green.
The mission is being funded by Opportunity London, a new initiative backed by London mayor Sadiq Khan, who are on the lookout for partners which “share their values to deliver long-term investment and provide social, environmental and economic benefits for communities”.
The councillors will host a stand at the conference which takes place at the Palais des Festivals, the building which also hosts the city’s iconic Cannes Film Festival.
The event is regarded as an important date in the diary – both socially and professionally – for big players in the property sector with attendees paying upwards of €3,500 (£3,096) to secure a place at MIPIM.
If successful, London Opportunity said the initial focus for the investment would be centred around seven major zones identified by Khan, which includes Croydon Town Centre and Thamesmead.
“Opportunity London sets out the huge potential across every borough of London for sustainable developments that rise to these challenges and makes it clear to the world that London is open to those who want to be part of a thriving, pioneering world city,” Khan said.
It comes as property developers across the capital are looking to take a more sustainable approach to redeveloping London.
Last month, it was revealed that a derelict exhibition centre in Earls Court is set to be transformed into a £8bn zero carbon neighbourhood.
The 40 acre site in Zone 1, which was once home to the Brit Awards, was crushed in 2015 but now its new developers have plans to transform it into a hub which will host 4,500 new homes and both a leisure and events space.