City council looks for asset sales ideas

LOIS CAIRNS AND RACHEL YOUNG
Last updated 06:26 15/08/2014
Lianne Dalziel
Stacy Squires/Fairfax NZ
FUNDING FOCUSED: Another option Mayor Lianne Dalziel wants explored involves inviting the council's strategic partners to take a stake in CCHL.

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The city council has asked its business arm to brief it on how it can raise money from its assets.

The briefing will help form the discussion document to be publicly released next month when the council begins consultation on how it can start to close the $800m to $900m funding gap identified in recent reports.

The council is considering releasing up to $400m in capital from Christchurch City Holdings Ltd.

It could do that either by selling all or part of its assets, although it wants to retain strategic control of its key assets - Christchurch International Airport, the Lyttelton Port Company and electricity supplier Orion.

Another option Mayor Lianne Dalziel wants explored involves inviting the council's strategic partners to take a stake in CCHL.

"We haven't made a firm decision about which path we're going down," said Dalziel, adding she expected CCHL would look at options for raising money beyond those identified in the Cameron Partners report.

Dalziel said all the options would come with trade-offs and it was important people were given the "best possible information" so they could participate in a sophisticated debate about the best way forward for the city.

"I want the people of Christchurch to fully understand what the choices are," the mayor said.

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- The Press

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