ULI launches drive to close investment gap in European cities

The Urban Land Institute (ULI) and the development business of ING Real Estate are launching an initiative to tackle the shortage of investment to finance the development of leading cities in Europe. ULI's Urban Investment Network (UIN) and its launch report entitled 'Closing the Investment Gap in Europe's Cities' are being presented today at the ULI Finance and Development Outlook conference in Paris.

The report provides insight into the current investment position in leading cities across Europe while also outlining the rationale behind bringing key stakeholders in city development together in the UIN network initiative.

ULI notes that European cities are critical to the success of Europe socially, economically and environmentally. This success can only be realised if investment is made directly in cities, and the rate of investment is increased over time. The report claims there is a 'multiple investment gap' in Europe's cities which must be bridged if they are to succeed in a globalised system.

Europe's cities are among the oldest in the world and they require continuous reinvestment and modernisation if they are to keep pace with younger cities in other continents, ULI and ING Real Estate argue.

Menno Maas, CEO of the Development at ING Real Estate, adds: 'The global crisis is exacerbating the existing gap by reducing the availability of capital and eroding the demand for existing projects. We have to make sure we all continue to invest in Europe’s cities and unite the public-private forces. As founding partner of the Urban Investment Network and launch report, we believe these initiatives will also help us to be prepared for the future, addressing the existing knowledge and skills gap to improve cooperation between the public and private sectors, developing a common agenda and a vibrant network.'