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The recession has proved no barrier to one district council which has sealed a £40m investment deal to open up regeneration projects. Aylesbury Vale DC and Akeman Partnership confirmed they have signed a joint venture to reinvigorate a substantial investment portfolio in Buckinghamshire through a public-private partnership. As part of the joint venture, known as Aylesbury Vale Estates (AVE) and which will have a minimum life of 20 years, the council will transfer ownership of its key industrial estate portfolio, along with shops, offices and development sites in the Aylesbury Vale area to AVE. There are over 250 tenants in the properties, ranging from local firms to international companies. Under the terms of the agreement, the council will continue to receive an income stream from the properties, which can then be used to support key services. Akeman and the council will control AVE on a 50/50 basis and the estate will be managed, improved and developed by Akeman Management (a joint venture between Guildhouse UK and SPREFS) on behalf of AVE. The council will be represented on the AVE board and will continue to be involved in the operation of the portfolio at a strategic level. The new arrangement will enable the estate to be commercially managed, with opportunities to improve and redevelop the properties taken forward to ensure that Aylesbury Vale is able to meet the needs of modern businesses. It will also help to protect the income stream to the Council Law firm, Pinsent Masons was also involved in closing the deal . Graham Cole of Guildhouse UK, speaking on behalf of Akeman, said: 'This joint venture will enable us to apply best practice asset management across the entire portfolio of properties. The asset management will be overseen by Philip Ingman (SPREFS) and myself. AVE has the skills and resources to manage these assets as effectively as possible. We are able to invest in the estate – improving the quality and availability of the property to support the Council's economic development plans.' Councillor Michael Edmonds, deputy leader and cabinet member for economic development at Aylesbury Vale District Council, added: 'Offering good quality business property acts as a catalyst for growth which is vital for Aylesbury Vale. We want businesses to expand in or relocate to Aylesbury Vale. Joining forces with the Akeman Partnership is our best opportunity to do this. 'Rent from the commercial property portfolio provides an important income stream which has helped cover the cost of Council services for some time now. A key factor in our decision to take this project forward was to maintain this valuable source of additional income to support our services.'

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BUSINESS

Aylesbury Vale lands £40m to regenerate

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