Decision details

To approve recommendations for purchase and sale of assets and terms of leases

(over £1m – Cabinet decision, under £1m – Cabinet Member decision,

in consultation with the Leader)

The Investment Strategy was agreed by Cabinet in July 2013 and was developed in response to the requirement for the Council to maintain its financial resilience in the longer term.  In facilitation of the strategy, Cabinet approved the business case for the creation of a Property Company and associated subsidiaries in May 2014 in order to achieve a balanced property portfolio to generate an income to the council.

This acquisition was in accordance with the Investment Strategy and contributed to the creation of a diversified investment portfolio. 

RESOLVED:

That Surrey County Council agree to provide equity and debt funding to Halsey Garton Property Ltd, a wholly owned company of the council, in order to enable the company to purchase a property investment asset.

Reasons for Decisions:

The provision of financing to the council’s property company to facilitate the proposed investment acquisition is in accordance with the council’s Investment Strategy.  The investment will deliver an ongoing income to the council, enhancing financial resilience in the longer term.