Bill Hughes, Head of Legal & General Investment Management’s Real Assets platform (“LGIM Real Assets”), has been appointed Chairman of the Property Industry Alliance (“PIA”), as it looks to encourage further collaboration across the industry, ensuring that its contribution to the economy and society at large is fully understood and maximised.
Hughes takes over from Sir Robert Finch, who has chaired the PIA for the past five years and who in turn took over from Sir David Clementi. Established in May 2006, the Property Industry Alliance (PIA) is formed of the eight leading UK property bodies who work together to give the commercial property sector a stronger collective voice on issues such as policy, research and best practice.
This appointment comes at a time when the role of the private sector in investing in the built environment has never been more important. Following the progressive retrenchment of the banks in providing long term finance and the continuing indebtedness of the Government, the role of the private sector in partnering with the public sector is becoming ever more crucial to unlocking growth.
The PIA’s work will continue in a number of key areas, including the ‘Vision for real estate finance in the UK’, which is providing guidance to ensure the future real estate lending environment is more stable, and a range of other important areas for the wider industry. More work is being done on the topical issues of devolution of power and its impacts, as well as promoting the importance of the relationship between infrastructure and property as UK cities look to regenerate.
Bill Hughes, Chairman of the Property Industry Alliance and Head of LGIM Real Assets, said: “The Property Industry Alliance plays an integral part in voicing the role that UK commercial property plays in the wider UK economy and its importance in improving the totality of the built environment. I am honoured to be asked to take on the role of Chairman and very much look forward to strengthening that voice.
“In this new role, I am particularly interested in emphasising the cross-sector synergies between real estate and investment in infrastructure in the UK, which is still significantly underplayed. Regeneration has been identified by government and industry alike as one of the key drivers of UK growth and a game-changer in retaining international economic competitiveness. Therefore, it is essential that the property industry joins together in embracing the connection between infrastructure and real estate so that efficient investments can be made into improving the UK built environment.”
Members of the PIA include the Association of Real Estate Funds (AREF), British Council for Offices (BCO), British Council of Shopping Centres (BCSC), British Property Federation (BPF), Commercial Real Estate Finance Council Europe (CREFC Europe), Investment Property Forum (IPF), Royal Institution of Chartered Surveyors (RICS) and the Urban Land Institute (ULI).