Exempt – Treasury Investment Due Diligence

Due diligence for proposed £3.0m investment in CCLA Property Fund. Estimated return 4.8–5.2%. Fund: established 1991, £1.8bn, AA- (Fitch), quarterly liquidity with 95-day notice, UN PRI ESG signatory. Key risks: property market downturn (capital not guaranteed), 95-day liquidity restriction, DLUHC guidance review on LA property fund investment. Recommends investing in 3 tranches of £1.0m over 3 months to reduce timing risk.