Decision details

Peterborough R&D Property Company Limited (PropCo2) - KD2024/050

Decision Maker: Combined Authority Board

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Amend the conditionality given with the CPCA shareholder approval granted by CPCA Board in March 2023 that Anglia Ruskin University(ARU) become a shareholder in Peterborough R&D Property Company Limited (PropCo2) and that ARU be granted a head lease of the property known as Phase 2 of the ARU Peterborough development

Decision:

It was resolved to:

A    Approve that the CPCA complete a shareholder’s agreement with PropCo2 and ARU including the issuance of 3 million shares to the Combined Authority and up to 1.5 million shares to ARU in return for cash or an in-kind investment of up to £1.5m, subject to the final version of the shareholder agreement being approved by the Monitoring Officer in consultation with the Chief Finance Officer and the Executive Director Economy and Growth

B    Approve that the CPCA agree to provide shareholder approval for PropCo2 to enter into an agreement to lease the whole of the Phase 2 building to Anglia Ruskin Enterprise Limited subject to the final version of the lease being approved by the Monitoring Officer in consultation with the Chief Finance Officer and the Executive Director Economy and Growth

Report author: Jim Cunningham

Publication date: 18/11/2024

Date of decision: 13/11/2024

Decided at meeting: 13/11/2024 - Combined Authority Board

Effective from: 27/11/2024

Accompanying Documents: