Decision details

The Sub-Committee considered a proposed reversionary lease to a tenant in the Charter Building.

The Investment Asset Manager summarised the terms of the lease as well as the financial risks and benefits of approving the lease renewal versus re-letting the space.

The Sub-Committee noted the benefit of keeping the tenant in the building.

The Sub-Committee resolved to:

1.    Approve the terms of the proposed lease as set out in the report and agree the relevant legal documentation in accordance with the terms set out in the report; and

2.    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms; and

3.    Authorise the Group Head of Corporate Governance to enter into the Lease and any associated documentation.