Published: 17th Jun 2020

A property investment company set up by Babergh and Mid Suffolk district councils has posted a £3.5m loss for the last financial year. CIFCO Capital set up by the two local authorities in 2017 to generate income through property investment, which could then ploughed back into council services. Councillors are now being asked to consider CIFCO’s performance and business plan for 2020/21 at full council meetings next month. CIFCO accounts for the year ending March 31 2020 show a loss of £3.5m which according to the council is made up of one-off acquisition costs for the two new assets, as well as a re-adjustment on the value of the portfolio as whole. This loss would only be realised if the investments were sold in the current market. Despite any fluctuations in the value, the council says these are long terms investments which continue to deliver regular rental income. Over the … (To read the full article, subscribe below)