§ Gregory BarkerTo ask the Secretary of State for International Development what the total cost of new office space procured for(a) CDC and (b) Actis is; and what price per square foot has been paid for each of their new London offices. [157827]
§ Hilary BennThe total costs and price per square foot of the new office space for both CDC and Actis are covered by confidentiality clauses in the contracts between the two companies and their respective landlords. The landlords have been asked to waive these restrictions but have declined to do so for commercial reasons. I am not therefore able to provide the information requested.
However, achieving the best value for money has been a priority in the decision to move into the two new offices. CDC's old office was in need of expensive refurbishment to its ventilation and cabling. Furthermore, its 52,000 sq ft of floor space had become too large for a staff complement, which had fallen from some 270 to around 170 over the last few years. The combined floor space of the two new offices amounts to some 32,000 sq ft in comparison. By selling their old office, CDC have also realised the value of the property (some £24 million) which can now be used for CDC's mission of investment in the private sector in poorer developing countries.