Property Transaction
Property Acquisition (1)
Exempt: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
[The decisions on this item can be called in by the Council Overview Board]
Additional documents:
Decision:
1. That Surrey County Council provides equity investment and a long-term loan its wholly owned property company, the Halsey Garton Property (HGP) Group, as outlined in paragraphs 9 -11 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 HGP be authorised to acquire the freehold interest in the property detailed in the submitted report for a purchase cost including associated costs, also detailed 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.
[The decisions on this item can be called in by the Council Overview Board]
Minutes:
The Cabinet Associate Member for the Built Environment introduced the next two items, both property acquisitions, to Cabinet.
Due to the impact of stamp duty charges, announced on 16 March 2016, revised recommendations for both items were tabled at the meeting.
RESOLVED:
1. That Surrey County Council provides equity investment and a long-term loan its wholly owned property company, the Halsey Garton Property (HGP) Group, as outlined in paragraphs 9 -11 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 HGP be authorised to acquire the freehold interest in the property detailed in the submitted report for a purchase cost including associated costs, also detailed 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.