Update on Approved Acquisitions
To receive an update on approved acquisitions.
The Director – Finance and Corporate Services gave a summary of the report, which provided an update on the assets approved for acquisition. A further verbal update was given in that the Council was looking to negotiate a price reduction on one scheme where minor works agreed prior to completion had not been undertaken by the vendor. In addition, one of the listed schemes with a purchase price of £20,150,000 would not now be going ahead. This had left the Portfolio as agreed by the investment Board at circa£274,000,000 with rent per annum just below £13,000,000. This was seen to be quite favourable and moving towards the position that the Council wanted to be.
Members asked questions about various schemes and future schemes. It was recognised that the Council was nearing the financial ceiling. The Director -Finance and Corporate Services stated that he was currently looking for one further investment of around £25,000,000 to achieve the £300,000,000 target portfolio
The Chair noted the report.
The meeting closed at 6.45pm.