Cambridgeshire CC has announced the details of two major property investments in deals worth more than £60m.
The council has agreed to invest £51m in a 986-year lease of the Tesco site in Cheddar’s Lane and purchased a 10-acre industrial estate in Peterborough for £11.5m, which will provide a return on investment of up to 6% per year.
Chairman of the council’s commercial and investment committee, Cllr Josh Schumann, said: 'To mitigate risks we are always seeking to diversify our portfolio and are delighted that in the last month we have been able to add these two really sound investments in either different sectors or different parts of the county, bringing to a total of four excellent investments made over the past 12 months.'