| answer text |
<p>A Memorandum of Understanding (MoU) is a high-level arrangement, which is not legally
binding, and enables the participants to work together toward a desired outcome. Between
the period April 2014 to October 2015, the Regeneration Investment Organisation (RIO)
negotiated MoUs with seven companies. Only one of those MoUs remains in place.</p><p>Aventa
is a regeneration investor and comprises a regulated asset management company and
a vehicle for managing early stage development and construction risk. The Regeneration
Investment Organisation and Aventa Capital MoU was developed in October 2014 to support
Aventa’s work in seeking to develop a regeneration fund and thereby encourage institutional
investment into UK regeneration projects. The Department felt the proposal covered
by the MoU was viable given Aventa’s sector and management experience.</p><p>There
was no commitment on the part of RIO to provide any capital or resource in connection
with the agreement. In addition, any recommendation from Aventa would have been reviewed
and subjected to due diligence by the developer as a commercial partner. The MoU was
concluded, by mutual agreement, following meetings with officials during December
2014.</p><p> </p>
|
|
