innovative financing of cultural...

LONDON ConferenceThursday 30 May 2013, Fulham Palace

Innovative Financing of Cultural Heritage

European Investment Bank Institute • European Investment Bank Institute • European Investment Bank Institute • European Investment Bank Institute

London: Innovative Financing of Cultural Heritage 3

The EIB Group (European Investment Bank and European Investment Fund) believes that Europe has a positive impact upon the daily life of its citizens. The EIB Institute has been founded to promote European Union objectives by supporting European initiatives for the common good. Its work is cascaded into three strategic programmes: the Knowledge Programme; the Social Programme; and the Arts and Culture Programme. Cultural heritage conservation has been a comparatively small but long-standing area of funding by the European Investment Bank. Such loan funding is concentrated in the European countries and can range from conservation of UNESCO heritage sites to urban renewal, notably in less developed European cities and regions. Accordingly, the EIB Institute has included cultural heritage in its programme of activities.

The conservation and management of cultural, artistic and architectural heritage has given rise to a vast body of literature and mobilised the interest of many decision-makers at various levels, including international organisations, national and local authorities, NGOs and a wide range of private and public donors. The evolving nature of conservation, as well as its links with urban development, the tourist sector and the creative industries, has been discussed in several arenas and at numerous events. Whatever the emphasis of the specific tasks and priorities under discussion, the management and conservation of heritage goods requires investment and the funding issue needs to be addressed. The conference’s objective is to provide a forum for discussion of innovative approaches to the challenges of financing heritage investment, particularly in the current European financial environment, where the need to invest to preserve the value of heritage assets for society clashes with constraints on the availability of public funds. While the economics of heritage has been often addressed, a less extensively explored aspect concerns the scope to capture financially the benefits associated with investing in heritage and cultural goods and the potential to attract the attention of investors or donors interested in developing self-sustaining revolving instruments to complement grant and sponsorship mechanisms. These opportunities may also encompass tourism, accommodation, multiple uses for the restored facilities and investment in the areas surrounding the sites. They may be of interest to ethical funds and/or philanthropic organisations that intend to achieve a high enough return to replenish the capital invested for subsequent redeployment, but also to have an impact on conservation outcomes, and possibly also in terms of revitalising historic town centres, generating employment and improving the environment. With this in mind, the conference brings together contributions from policy experts, international organisations, organisations directly engaged in the management of heritage goods and donors/investors.

Programme

9:30 - 10:00 Registration and Welcome Coffee

10:00 - 12:40 Morning Session • Moderator:WesleyKerr,Chair of London Committee,

Heritage Lottery Fund

10:00 - 11:10 Part 1: Challenges

Introduction 10:10 - 10:20 • Urgency: the “7 Most Endangered” Initiative

JohnSell,Executive Vice-President, Europa Nostra10:20 - 10:30 • The Case for Innovative Financing

GianniCarbonaro,Head of the Municipal and Regional Unit, European Investment Bank

10:30 - 10:55 • Financing Culture and Heritage: the Emerging Challenges KeynoteSpeaker:FrancescoBandarin,Assistant Director-General for Culture, UNESCO

10:55 - 11:10 Questions & Answers

Innovative Financing of Cultural Heritage

Thursday 30 May 2013 – Fulham Palace, Bishop’s Avenue Fulham London

11:10 - 12:40 Part 2: Case Studies and Lessons Learned

11:10 - 11:25 • Urban Regeneration in a UNESCO-listed Historical Centre Presenter:AnaPaulaDelgado,Chief Executive, Porto Vivo

11:25 - 11:40 • Reconciling Hospitality Finance and Conservation Needs Presenter:JuanZaballa,Managing Director, Paradores de España

11:40 - 11:55 • Crown Estate’s London West End Project Presenter:AlastairSmart,Head of Development, Crown Estate

11:55 - 12:10 • A View from the US Presenter:DonovanRypkema,President, Heritage Strategies International

12:10 - 12:25 • Financial Instruments for UNESCO Sites – A Research Project Presenter:XavierGreffe,Professor of Economics, University of Paris-Sorbonne

12:25 - 12:40 Questions & Answers

12:40 - 14:00 Lunch

14:00 - 16:00 Afternoon Session - Roundtable and Discussion • Moderator:LizPeace,British Property Federation14:00 - 15:30 Roundtable:RaisingFinance-WhatScopeforInnovation? • Participants:

DavidTomback,Development Economics Director, English Heritage LeónHerrera,Director, European Cooperation and Strategy, Council of Europe Development Bank ChristophSchumacher,Management Board, Union Investment Institutional Property IanMorrison,Head of Historic Conservation, Heritage Lottery Fund LuisAraújo,Manager for International Operations, Grupo Pestana MarekSzczepański,Managing Director, EU Funds, Bank Gospodarstwa Krajowego IanLush,CEO, Architectural Heritage Fund

15:30 - 16:00 ClosingRemarksandFinalDiscussion • JonathanTaylor,Vice-President and Management Committee

Member, European Investment Bank

16:00 End of Event

London: Innovative Financing of Cultural Heritage6

Wesley Kerr is a freelance broadcaster and writer and a keen historian and horticulturalist. Since 2007 he has been Chairman of the Heritage Lottery Fund Committee for London. Between 2007 and 2009 he was Chairman of the HLF London Parks for People Committee, and between 2011 and 2013 a Member of the RHS Chelsea Show Garden Panel. Recent broadcasts by Mr Kerr include BBC TV’s Diamond Jubilee coverage; How Britain got the Gardening Bug; BBC America’s Royally Mad; and Radio 4’s When Wesley went to Winchester and Wars of the Roses. Between 1979 and 2003 he was at the BBC, where he was a trainee, director, producer and correspondent. Between 1986 and 1990 he was a New York and Washington correspondent for Newsnight.

He has published extensively in the Times, Sunday Times, Guardian, Evening Standard, Punch, Garden, National Trust Magazine and periodicals in Jamaica and the US. He was a Judge for the National Lottery Awards between 2004-2006. He has also chaired many seminars and debates on culture and heritage at venues including the British Academy Forum, British Library, Anglo-American Conference of Historians, IOD, and Conservative and Liberal Democrat party conferences.

WesleyKerr

Chair of London Committee, Heritage Lottery Fund

Speakers


John Sell (CBE, FSA, FRSA, AABC, Dip Cons(AA)) is the Executive Vice-President of Europa Nostra, Chairman of the Joint Committee of National Amenity Societies, and Chairman of the Historic Environment Forum. He was instrumental in helping to found the Heritage Alliance. He is a former Chairman of the Society for the Protection of Ancient Buildings and for many years represented the SPAB on the National Trust Council.

As an architect he has worked on the restoration of historic buildings for more than 35 years. His experience includes work on churches, country houses, farms and other vernacular buildings. Clients include English Heritage, the National Trust, the Crown Estate and many private customers. He has particular experience working in central and eastern Europe and in tourism projects based on cultural heritage. He was part of the team carrying out the ECHO project concerned with the future of the European country house with participants from the Czech Republic, Hungary, Ireland, the Netherlands, Slovakia and the UK as well as participating in pilot ‘heritage trail’ projects in Bulgaria and Slovenia. He has been a consultant on cultural heritage to the British Council in Bosnia-Herzegovina. Publications include ‘First aid repair to war-damaged buildings’ (published in English and Croatian) and ‘Heritage and reconciliation in Bosnia’.

John Sell

Executive Vice-President, Europa Nostra


Gianni Carbonaro joined the European Investment Bank (Luxembourg) in 1987. In April 2007 he became a member of the Bank’s JESSICA (Joint European Support for Sustainable Investment in City Areas) Task Force and he is now Head of the Municipal and Regional Unit within the Advisory Services Department. After studying economics and urban planning in Italy and the United States, and prior to joining the EIB, Mr Carbonaro worked as a consultant and an academic in the US, the UK and Italy.

His research interests and professional experience have covered urban and regional economics, transportation analysis, infrastructure policy, cost-benefit analysis, European transportation networks, housing policy and finance, and the interface between urban development and property markets. At the EIB, Mr Carbonaro has worked in multi-professional teams covering the economic and financial assessment of large-scale infrastructure projects in transport (urban transport systems, motorways, railways, toll infrastructure) and urban development, in both the European Union and the partner countries.

Gianni Carbonaro

Head of the Municipal and Regional Unit, European Investment Bank


Ana Paula Delgado, an economist, has since 2008 been the Chief Executive Officer of Porto Vivo, SRU, a publicly-owned joint stock company created in 2004 to promote the urban regeneration of Porto’s downtown district and historic centre. She has also since 2002 been a guest lecturer at the Economics Faculty of Porto University (2002 - present).

Her main teaching and research interests include Regional Economics, Urban Economics and Services. Ms Delgado has been a member of the Scientific Board for the Master’s in Economics and Management of Cities (2006-2009), an elected member and Chairman of the Representatives’ Board (2003-2010) and an elected member and Chairman of the Executive Board (1979-1980) of the Economics Faculty of Porto University.

Ana Paula Delgado

Chief Executive, Porto Vivo


Mr. Zaballa is Managing Director at Paradores de Turismo de España. Prior to this position, from 1995 to 2000 he was Chairman of the Board and CEO of COFIDES, a state owned-private venture capital company, specialized in financing, through equity and quasi equity instruments, Spanish company’s investments in developing countries. He was also Managing Director of Fundación Empresa y Crecimiento and the General Partner of the PYMEX and PYMAR venture capital funds. Mr. Zaballa also has an extensive experience in the Promotion and Financing of Exports. He was Chairman of the Spanish Delegation to the Paris Club and also presided twice as Chairman of the the EU Council’s Exports Credit Group. He was also the Vice director General for Export Finance in the Ministry of Economy and Finance and the Economic and Commercial Counsellor for the Spanish Embassy in the former USSR (1987 - 1989) and India (1995 - 1996). He also has broad experience in business management, as Member of the Boards of CESCE, Spanish Exports Credit Insurance Company, DEFEX, a specialized trading company, and Moussahama S.P.P.P., a private equity company operating in Morocco. Mr. Zaballa holds a BA in Economics from Universidad Autónoma de Madrid and a MBA Degree from Business Administration School (Instituto de Administración de Empresas) of Universidad Autónoma de Madrid.

Juan Zaballa

Managing Director, Paradores de España


Alastair Smart joined The Crown Estate in May 2009 and is Head of Development and Project Management.

He leads a specialist team responsible for the planning and construction phases of the strategic development activity within The Crown Estate. Major redevelopment projects include 229-247 Regent Street (the Apple building), Quadrant 3 (the former Regent Palace Hotel), Block W4 and Block W5(S) on Regent Street, St James’s Gateway, St James’s Market, Oxford and Exeter.

He has 23 years’ experience in the property industry specialising in large-scale development projects, with a BSc (Hons) Degree in Estate Management, Kingston University, and is a Member of the Royal Institution of Chartered Surveyors and the British Council of Shopping Centres.

Alastair sits on both the National Heritage Protection Plan Advisory Board and the London First Planning and Development Advisory Group.

Alastair Smart

Head of Development, Crown Estate


Donovan Rypkema is President of Heritage Strategies International, a firm which works at the nexus of heritage conservation and economics to provide catalytic information to public and NGO clients. Mr Rypkema has worked with communities in 49 US States and more than 40 countries. He was the lead witness at a hearing of the European Parliament regarding heritage conservation and the economic crisis.

Mr Rypkema is the author of numerous articles and publications including Community Initiated Development, Feasibility Analysis of Historic Buildings, Heritage Conservation in America: An Introduction; Public-Private Partnerships and Heritage; and The Economics of Historic Preservation: A Community Leader’s Guide. He holds an MSc degree in Historic Preservation from Columbia University. He is a member of the Team of Specialists in Public Private Partnerships for the UN Economic Commission for Europe, the Board of Directors of Global Urban Development, the Senior Advisory Board of the Global Heritage Fund and the ICOMOS International Scientific Committee on the Economics of Conservation. Mr Rypkema teaches a graduate course on the economics of historic preservation at the University of Pennsylvania where he received the 2008 G. Holmes Perkins Award for Distinguished Teaching. In 2012 he received the Louise du Pont Crowninshield Award from the National Trust for Historic Preservation.

DonovanD.Rypkema

President, Heritage Strategies International


Xavier Greffe is Professor of Economics at the University Paris I – Sorbonne, where he manages the PhD programme in Economics, after having taught in Algiers, Los Angeles (UCLA), Poitiers and Orleans, where he was Rector. He is Chairman of the National Commission for Artistic Employment.

For 12 years he worked with the French administration, where he was Director of New Technologies in the Department of National Education, and Director of Training and Apprenticeship in the Department of Labour and Employment. He is a consultant for the European Commission, where he managed the Local Employment Development Action Programme (LEDA) between 1995 and 2000, and the OECD, where he is currently serving on the Trento Scientific Committee on Local Governance.

Professor Greffe specialises in the fields of local development, economic policy and the economics of arts and culture. His recent publications include: Managing our Cultural Heritage; Arts and Artists from an Economic Perspective; Le Développement Local; Création et diversité au miroir des industries culturelles; French Cultural Policy; La politique culturelle de la France and Artistes et politiques.

Xavier Greffe

Professor of Economics, University of Paris-Sorbonne


Liz Peace became Chief Executive of the British Property Federation in 2002, following a long and varied career in the MOD, working on a diverse range of projects including Northern Ireland, nuclear safety, land acquisitions and public enquiries. In the 1990s she was a key player in the team that set up the Defence Evaluation and Research Agency and led the first stage of the privatisation process, including the re-branding of the organisation as QinetiQ plc. Since her appointment at the BPF she has managed to change legislation on commercial leases, to win innumerable changes to planning and tax legislation and, working as part of a pan-industry alliance, to persuade the Government to introduce REITs.

Liz is currently working closely with the Coalition Government on a range of issues but particularly the contribution of property to the growth agenda, the implementation of the NPPF and CIL, reforms to the tax system and the best ways of incentivising and delivering better and more resource-efficient buildings. Liz also believes that there remains more work to be done to improve further the property industry’s standing with politicians, the media and the public at large and to ensure that Government policy does not damage its fragile and gradual recovery.

Liz was awarded a CBE in the 2008 New Year Honours list for services to the property industry.

Liz Peace

British Property Federation


DAVID H TOMBACK F.R.I.C.S. is Development Economics Director at English Heritage. In April 1993 he joined English Heritage, where he has a wide remit. This includes providing advice on levels of grant, listed building consents, re-use of redundant historic buildings, and the economics of conservation. Whilst with English Heritage he has been involved in three significant economic studies, namely “The Investment Performance of Listed Buildings”, “The Listing of Buildings – the effect on value” and “The Value of Conservation”. Recently David was responsible for “Heritage Works – the use of historic buildings in regeneration”.

David chaired the working group involved in producing English Heritage’s Policy Statement and Practical Guide on Enabling Development. He is a member of the National Audit Office panel of expert valuers reporting on the disposal of NHS Estates properties; a member of the RICS Public Sector Advisory Committee; joint chair of the NHS Estates/English Heritage working party; and a dissertation tutor and visiting lecturer at the College of Estate Management and the Universities of Bath, Bristol and Oxford Brookes.

David qualified as a chartered surveyor in 1974, spending a number of years with various firms of chartered surveyors doing a wide range of professional work. He later joined a firm of developers and then became in-house property adviser to an American bank. In 1987 he joined a Swiss-owned property development and investment company and helped run the company until 1991 when he formed his own practice.

DavidHTomback

Development Economics Director, English Heritage


León Herrera joined the Council of Europe Development Bank (www.coebank.org) in Paris in 2006, where he is currently Director for European Cooperation and Strategy. This Directorate is responsible for inspiring/driving strategic initiatives, implementing the Bank’s strategy on communications, studies and corporate social responsibility, coordinating European and international cooperation, maintaining donor relations and managing fiduciary accounts. Mr Herrera is also CEB coordinator for Roma issues.

Mr Herrera has devoted most of his career to finance, development and trade, holding at different stages of his professional career the position of Director General of Spain’s Instituto de Crédito Oficial (ICO); Alternate Director on the EBRD’s Board; Economic and Commercial Counselor in former Yugoslavia, Albania, Denmark and Lithuania; Deputy Director General in Spain’s Treasury Ministry; and Finance Director of a commercial company. He has a degree in Economics and Business from Madrid Complutense University. He is a member by open competition of Spain’s special civil service group of state economists.

León Herrera

Director, European Cooperation and Strategy, Council of Europe Development Bank


Dr Christoph Schumacher is Managing Director of Union Investment Institutional Property GmbH. He is responsible for the Institutional Client Management Division, Fund Structuring and Outsourcing Controlling. Previously, Dr Schumacher was Head of Indirect (international) Investments of Generali Deutschland Immobilien GmbH (assets under management of around EUR 5.5 billion), a real estate and infrastructure service provider for the insurance companies of the international Generali group based in Cologne, and Managing Director of Generali Deutschland Immobilien Verwaltungs GmbH and of Generali Immobiliare Asset Management S.à.r.l., Luxembourg/Paris. Before joining the Generali group in 2005 Christoph was a lawyer with Linklaters and KPMG in Berlin and London specialising in asset finance/projects. He acted as legal adviser on various investment and financing projects in closed-end (real estate) funds with a total volume of more than USD 1.9 billion.

ChristophSchumacher

Management Board, Union Investment Institutional Property


Ian Morrison joined the Heritage Lottery Fund in 2008 as the Head of Historic Environment Conservation, and he provides advice and guidance on all aspects of conserving the historic environment, including historic buildings and structures, designed landscapes, archaeology and industrial, maritime and transport structures and artefacts. He also has lead responsibility for HLF’s Townscape Heritage Initiative grant scheme, the Grants for Places of Worship programme and the new Heritage Enterprise scheme. Ian played a pivotal role in the development of HLF’s recently published Strategic Framework for 2013-2018 (A lasting difference for heritage and people).

Prior to joining HLF, Ian worked for English Heritage for 15 years where he accumulated extensive experience across the wide spectrum of historic environment conservation. He has an Honours degree in Ancient History and Classical Archaeology from the University of Sheffield and an MA in Archaeological Theory from the University of Southampton. He is a Fellow of the Royal Society of Arts and a member of the Institute of Archaeologists and the Society for the Protection of Ancient Buildings.

Ian Morrison

Head of Historic Conservation, Heritage Lottery Fund


Luis Araújo is a Member of the Board of the Pestana Group currently responsible for the Hispanic America hotels operations, which include properties in Argentina, Venezuela and Colombia. He is also Head of Development for the same continent and has been Head of Sustainability since the creation of the department in 2009. He has a degree in Law and a certificate in the Hospitality Industry from Cornell University. He began his career in the Legal Department of the Pestana Group, where he served between 1996 and 2001. From 2001 to 2005 he worked for the Brazilian branch of the company where he was successively Board Associate for New Projects in Brazil, Board Member and Vice-President for the Pestana Group in South America, with responsibility for New Business Development and Area Operations.

He served in the Portuguese Government as Head of the Office of the Portuguese Secretary of State for Tourism between 2005 and 2007. He returned to the Pestana Group as a Board Member, where he was responsible for Human Resources, Communication and Marketing, IT and Central Purchases as well as New Projects in South America until 2011.

Over the years he also headed several special projects, notably the recent renovation and conversion of the Cascais Citadel, which includes a “Leading Hotels of the World” hotel. Cited by the international press (New York Times and Condé Nast Traveler) as one of the most interesting new projects in the market, the Citadel recently won the National Award for Best Urban Restoration for Touristic Use.

Luis Araújo

Manager for International Operations, Grupo Pestana


Marek Szczepański, PhD, is Managing Director of the European Funds Unit at the BGK, supervising departments responsible for the implementation of several EU-funded projects (total value of around EUR 1bn), including: the JESSICA initiative implemented in three regions (Wielkopolskie, Pomorskie and Mazowieckie); the JEREMIE initiative implemented in six regions; the pilot project of social enterprises support (financed from European Social Fund resources) and the Technology Credit Fund.

For more than 16 years he has been dealing with EU fund programming and disbursements, particularly in the area of regional development, entrepreneurship and the labour market, holding different positions, including: Undersecretary of State in the Ministry of Economy, CEO of an advisory company, Head of Department in the Ministry of Labour and Head of Unit in the Polish Agency for Enterprise Development.

MarekSzczepański

Managing Director, EU Funds, Bank Gospodarstwa Krajowego


Following an MA in music at the University of York, Ian Lush began his career as a viola player in the Iceland Symphony and Royal Liverpool Philharmonic Orchestras. He moved into arts administration and in the following 17 years held a number of senior positions, including Marketing Director of the Barbican Centre and the London Symphony Orchestra, and for eight years Managing Director of the London Mozart Players (LMP). During his time at the LMP he oversaw a considerable turnaround in the orchestra’s artistic and financial fortunes.

Ian was appointed to the new position of Chief Executive of the Architectural Heritage Fund in 2003, since when he has been broadening the reach of its work and increasing its external support, most recently bringing in over £5million in new funding from the Andrew Lloyd Webber Foundation, English Heritage, the J Paul Getty Jr Charitable Trust and the Pilgrim Trust.

Ian was Deputy Chair of cross-sector body The Heritage Alliance from 2006 – 2012, is a member of the Prince’s Regeneration Trust Advisory Group and the Welsh Assembly Government’s Historic Environment Group, and Chair of the Northern Ireland Built Heritage Forum. From 2006 – 2012 Ian was Project Director for ‘Discovering Places’, the heritage and environment project for the Cultural Olympiad.

Ian Lush

CEO, Architectural Heritage Fund


Jonathan Taylor has been a Vice-President of the European Investment Bank since January 2013. He is a member of the EIB’s Management Committee, which draws up the Bank’s financial and lending policies, oversees its day-to-day business, and takes collective responsibility for the Bank’s performance.

Mr Taylor has particular responsibility for the Bank’s activities in Denmark, Finland, Ireland, Sweden and the United Kingdom. He also leads the Bank’s work on climate action and other environmental lending policies. Internally, he is responsible for a range of control functions, such as audit, compliance and related issues.

Mr Taylor was previously Director General of Financial Services and Stability at HM Treasury (the UK Finance Ministry). He has held a range of posts in both the private and public sectors. He is a graduate of the University of Oxford, in Philosophy, Politics and Economics.

JonathanTaylor

Vice-President and Management Committee Member, European Investment Bank


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European Investment Bank Institute • European Investment Bank Institute • European Investment Bank Institute • European Investment Bank Institute

LONDON ConferenceThursday 30 May 2013,

Fulham Palace Bishop’s Avenue Fulham, London

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