Issue - meetings

To approve the acquisition of freehold interests in three commercial properties and related costs.

RESOLVED:

1.  That the circumstances leading to the proposed acquisition of the freehold interests in three commercial properties and actions and investment due diligence undertaken by officers and their advisors be noted.

2.  That the acquisition of the freehold interests in the three properties, and all related costs be approved.

3.  That authority be delegated to the chief executive, advised by and in consultation with the strategic director of finance and governance and head of property, to:

a)  complete the purchase of the freehold interests in the assets;

b)  agree detailed transactional terms pursuant to the Heads of Terms; and

c)  agree the financing structure to be adopted to fund the acquisition of the assets.

In accordance with the provisions of section 18 of the access to information procedure rules (decisions for urgent implementation), the chair of overview and scrutiny committee has agreed that this item may be treated as a matter of urgency and is therefore not subject to call-in.

The cabinet considered the closed information relating to this item. Please see item 20 for decision.