Kensington and Chelsea council is proposing to use part of its £1.1bn pension fund to develop and manage a major commercial property portfolio.
The country’s richest borough has struggled with its image after fierce criticism of its leadership and management in the aftermath of the Grenfell Tower fire.
The council has been slow to rehouse those who were made homeless by the blaze, which killed 72 people, and leaked emails revealed how council officials had put pressure on contractors to cut the costs of the refurbishment of the 24-storey block.
