Housing Investment Body, Economic Revenues, Lancs & London LGPS, Capita’s CIV Contract
0Council housing investment body launches
A new housing investment body first reported by Room151 has launched. The new company, LG Develop, has 14 founding local authorities which will seek to use the collective borrowing vehicle to help them build thousands of new homes. The new body will seek to borrow £800m to redistribute to councils. Others can get involved with a business plan that will allow them to borrow from the vehicle against future rents.
Big cities could raise billions
Think tank Centre for Cities says that the UK’s biggest cities could raise an extra £9bn in revenue each year if they boost their economic performance to match the national average. A review found that Manchester, Birmingham and Leeds currently all perform below the national average.
Pension funds sign off pooled investment venture
Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA) have received board-level approval for plans to create an asset liability management partnership. The funds will pool assets of £10.5bn into a single fund but maintain separate governance structures, while merging investments, liability management and administration. Negotiations with asset managers on fee reduction will now begin as the pair look to save £32m within five years.
Capita appointed to London CIV service contract
Outsourcing firm Capita has been appointed to provide support services to the emerging London LGPS collective investment vehicle. The firm will be paid £200,000 for the contract for a period of 12 months from the start of service delivery. The CIV, which is still in its implementation phase, said that it hopes to be fully operational by this autumn.
Greater Manchester appoints property valuer
Tameside Metropolitan Borough Council has appointed Colliers International Property Advisers as valuer for the property portfolio of the Greater Manchester Pension Fund. The contract is worth up to £5m, according to an official release on the website for European tenders.
