Decision details

The Cabinet Member for Business Services and Resident Experience commended this acquisition, which had been through the Investment Advisory Board, to Cabinet.

RESOLVED:

1.    That equity investment and a long-term loan, both as detailed in the submitted report, be provided to Surrey County Council’s wholly owned property company, Halsey Garton Property Ltd, as outlined in paragraphs 10 to 12 of the submitted report.

2.    That Legal Services be authorised to agree appropriate contractual arrangements for the provision of financing on behalf of the Council with funds to be released upon the completion of appropriate due-diligence in relation to the property acquisition.

3.    That Halsey Garton Property Ltd be authorised to acquire the freehold and long leasehold interest in the property detailed in the submitted report for a purchase cost, including associated costs of purchase, as set out in the submitted report.

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 and provides an asset that will contribute to the creation of a diversified portfolio over time to spread risk.

The investment will deliver an ongoing income to the Council, enhancing financial resilience in the longer term.