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Beijing Construction Engineering Group (BCEG) has been signed up to join Carillion and the Greater Manchester Pension Fund (GMPF) in MAG’s joint venture team for the project.
Argent has been appointed by the joint venture as development manager for the scheme.
MAG has a 50% share of the project, BCEG 20%, Carillion 20% and GMPF 10%.
Airport City will be the core element of the government-designated Enterprise Zone surrounding Manchester airport.
Outline planning permission was secured at the start of 2013 for the five million square-foot development, a mix of offices, hotels, manufacturing, logistics and warehousing.
The consortium will start work immediately and the project is scheduled for completion over the next 15 years. Carillion expects to invest up to £12m of equity in the development, as well as delivering up to £580m of construction work.
MAG chief executive Charlie Cornish 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 the 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.”
BCEG International managing director Xing Yan said: “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.”
Argent managing partner David Partridge said the project was “one of the most exciting development opportunities in the country”.
He said: “Airport City is an innovative and inspiring vision that is set to change the way business is done in the UK. Our aspiration as part of this international joint venture to create a world class business destination that will open up new connections on a global level.”
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