Council sets out how much it has spent

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A COUNCIL has set out details of how much it has spent buying commercial property in a bid to generate income.

Portsmouth City Council has set aside a budget of up to £100m to make investments to generate money in rental, in the face of continued government cuts.

As The News reported yesterday, it bought a DHL distribution warehouse near Birmingham for £12.4m as its fourth purchase in its new property investment strategy.

Its other purchases are: an £8m industrial warehouse near Gloucester, a £13m Waitrose supermarket in Somerset, and a £9.7m Matalan retail warehouse in Swindon.