Suffolk councils invest in Hertfordshire
Two Suffolk councils criticised for investing in properties outside the county have have invested in a seventh – in Hemel Hempstead.
CIFCO Capital Ltd is the investment arm of Babergh and Mid Suffolk District Councils.
To date it has pumped £25million borrowed from the Public Works Loan Board into six sites outside Suffolk.
Last month the councils confirmed they would plough ahead with investing a further £25million and the seventh site has been confirmed as an industrial complex in Hemel Hempstead, Hertfordshire, including an Amazon depot. Its value is unconfirmed.
At last Thursday’s Mid Suffolk Council meeting, council officers confirmed an eighth investment had been accepted.
The current assets generate about £1.4 million income, with an expectation that the entire £50 million investment will return £2.8 million a year.
But Green and Liberal Democrat councillors have opposed the plans.
Andrew Stringer from the Green group said: “If you are using Mid Suffolk taxpayers’ money, why are you not investing in Mid Suffolk?”
Mr Stringer said the money could have been used to invest in house building in Mid Suffolk, while other councils investments in renewables were more successful and environmentally friendly.
The strategy for the next year was formally adopted at both Babergh and Mid Suffolk council meetings last week.