Ealing Council appoints Carter Jonas to manage 400-asset portfolio

Ealing Council has appointed Carter Jonas to advise on its portfolio of more than 400 investment and operational assets. The agent has been instructed on a three-year contract to support acquisitions, disposals, property management and accounting services. The appointment comes with local authority property investments under scrutiny, as the government seeks to clamp down on debt-for-yield deals, with a particular concern over out of borough buys. Council finances are under pressure following funding cuts and rising costs in the pandemic, with an estimated £10bn spending black hole, according to Labour Party analysis. Ealing Council leader Julian Bell said: “It is important that the council optimises the use of our estate to support our delivery of vital services, including our priority of delivering 2,500 good genuinely affordable homes.” Iain Mulvey, business development director at Carter Jonas, said: “These are challenging economic times, and many local authorities are tasked with making transformational changes to reduce costs whilst finding innovative approaches to secure value across their portfolios.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette