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EDINBURGH DEVELOPMENT FIRM TO REFOCUS ITS ROLE

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The property development company owned by City of Edinburgh Council will be refocused to concentrate solely on back...
The property development company owned by City of Edinburgh Council will be refocused to concentrate solely on backing projects in the Scottish capital, according to The Scotsman (p10).

Edinburgh Development and Investment was set up 10 years ago to oversee major building schemes around the city, but it has since branched out and is involved in a number of development projects around the country.

Now councillors will tell EDI officials to scale down their activities outside the capital and focus solely on Edinburgh in an effort to maximise profits and benefits for council taxpayers.

The council's advisers, Deutsche Bank, will present a report to the city's policy and resources sub-committee tomorrow outlining the future for EDI.

Speculation had mounted that the council was set to sell either its entire stake or a part-stake in EDI and the money ploughed into other services.

But a senior council official said: 'EDI will be asked to refocus its efforts on Edinburgh. It is not a case of selling up. Rather, we want to get more financially from EDI.

'There are various options before the committee, but it will be told to perform a controlled exit from projects outwith Edinburgh. We are not talking about pulling out of all the projects immediately.'

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