AllianceBernstein, Baillie Gifford, Fiera Capital, Harris Associates and Royal London Asset Management has been appointed, and each will be allocated a share of the £2.6bn portfolio.

Matt Betts, senior investment officer at Brunel, said the managers “use a range of different specialist approaches to selecting global companies that they expect to outperform the market in the long term”.

He added: “They achieve this by focusing on an array of fundamental characteristics, employing tried and tested processes alongside innovative thinking that delivers consistent return profiles.”

The corporation will use the cash to relocate the city’s historic wholesale food markets – Billingsgate (fish), Smithfield (meat) and New Spitalfields (fruit, veg and flower) markets – to a former power station site in Barking and Dagenham.

The investment will not be drawn down by the City Corporation until 2021, locking in borrowing costs.

The deal follows a similar loan by Legal & General Investment Management to the City of London Corporation, made earlier this year.

Breckland Council (BC), North Norfolk District Council (NNDC) and King’s Lynn and West Norfolk Borough Council decided to pursue the procurement in 2017.

However, the identity of the bidder remains secret after Breckland held a meeting to confirm the appointment in secret.

According to a report in the Financial Times, the fund, managed by Standard Life Aberdeen, is among several “seen as being vulnerable to redemptions” after M&G suspended trading in its £2.5bn Property Portfolio fund.

Aberdeen UK Property is a £1.3 billion fund holding investments in shopping centres, supermarkets and other property.

Around two-thirds of respondents to an online survey on the transient visitors levy (TVL) supported the idea. Councillors agreed five principles to guide the proposals including that it should exclude residents, ring fence revenue for tourism uses and should not just be a “bed tax” on people staying in overnight accommodation. A statement from the council said: “The council recognises the challenges and considerations of introducing a Highland TVL raised through the consultation. “However, this must be weighed up against overall levels of support found in the results, and the potential benefits to the region – not least enabling the council to increase investment in maintaining and enhancing infrastructure used by visitors which will help support local economies, enhance the visitor experience and help Highland tourism become more sustainable.”

The original business plan for Bexleyco set a target of creating a pipeline of 2,500 homes over the next 10 years.

However, a revised plan approved by the council’s cabinet now says it only expects to deliver 1,200 homes over the period.

The new plan said: “A key challenge remains for the company to secure a viable pipeline of development sites as only one additional site has so far been identified.

“Therefore, a more prudent approach to the pipeline has been taken, matching more closely the development rate from the initial five sites.”

The borough’s cabinet last week approved the plans, which could raise a maximum of £100,000 for charities and other organisations in the first year.

The council is set to appoint operator Gatherwell to run the scheme and will pay the firm 16.7% of proceeds as an administration fee.

A report to the council’s executive said that the overspend is due to a delay in implementing some of the £9.3m of savings included in the budget.

The children and families department is predicting an overspend of £4.5m against its net budget of £22.8m, the report said.