Decision details

RESOLVED:

1.  That the acquisition of the freehold interest in land in the Old Kent Road opportunity area be approved in principle, subject to completing due diligence and the agreement of Final Heads of Terms.

2.  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)  Note the outcome of the due diligence process and proceed with the acquisition, provided that the findings do not undermine the purpose of the acquisition.

b)  Negotiate terms and enter into binding contracts for the purchase of the freehold interest in the proposed acquisition land and thereafter to complete the purchase;

c)  Agree the financing structure adopted to fund the acquisition of the asset.