Shetland diversifies pension fund, Police raid on Liverpool/BT offices, Wandsworth development payout…
0Scottish council diversifies pension investments
Shetland Islands Council has agreed to diversify its pension investment portfolio to reduce its current 80 per cent reliance on passive equity investments. The new strategy will see investments spread between passive and active equities, alternative bonds, active property and a diversified growth fund. The council is now likely to launch a tender to find new fund managers to manage the portfolio.
Wandsworth reaps £40 million from planning clause
Wandsworth Council is set to receive £40 million from developer Ballymore Group due to a deal put in place two years ago when it granted permission for a housing development. Values on the Embassy Gardens scheme in Nine Elms have broken through a threshold level agreed through a section 106 agreement. The agreement allowed the council to claw back a percentage of sales proceeds if values rose about that level.
Police raids in joint venture probe
Police have seized computer equipment from the offices of a joint venture set up by BT and Liverpool City Council, according to local press. The move comes as part of an inquiry into a similar JV between Lancashire County Council and the telecoms operator. Last month, two officials from Liverpool involved in the joint venture had their property searched by police.
Disposal drive ‘could harm land values’
The government’s drive to encourage the disposal of public land to help deliver new housing is likely to lead to the public purse being short-changed, according to a new report. Think tank Localis said that the government’s emphasis on speed means that councils selling land are likely to find themselves disadvantaged in price negotiations. The report said: “Moreover, the desire to dispose of a significant quantity of assets over a short period of time is only likely to undermine the intrinsic value of each of the assets for sale.”
Brighton agrees further PWLB loan
Brighton City Council has agreed to borrow £24.1 million from the Public Works Loan Board to lend to the developer of a new viewing tower on the seafront. The money comes on top of a separate loan of £14.8 million agreed by the council in 2012. Council officers said that the new facility would generate the council £1.1 million a year for the next 25 years which could be used to finance capital investment on the seafront.
Warrington lends another £20 million to housing association
Warrington Council has agreed another loan to a social landlord – this time providing £20 million to Plus Dane Group. The association will build 100 homes with the cash. The council has now made five such loans, with the largest, of £90 million made to housing association Helena Partnerships, aimed at providing around 1400 social and affordable homes in Warrington and neighbouring boroughs over the next five years. See related story Warrington lends £90m of PWLB borrowing to housing association
