Christchurch City Council seeks advice on proposed asset sales

Mayor Lianne Dalziel said the council was considering the capital release plan with an open mind, and would not make a decision until after consultation.Photo / Ross Setford

Christchurch City Council is seeking independent financial advice on a proposal to sell key assets to pay for the city rebuild.

The council has proposed assets worth up to $750 million from it's commercial holding company, which owns the Lyttleton Port Company, Orion, and Christchurch International Airport.

Last year the council revealed it faced an estimated $900 million shortfall in meeting rebuild commitments.

Asset sales was proposed as the only way the council could bridge the gap without massive rates hikes.

Mayor Lianne Dalziel said the council was considering the capital release plan with an open mind, and would not make a decision until after consultation.

"The proposal is to sell shares to strategic partners that have the community's long term interests at heart, and the commercial links and expertise to improve the performance of council-owned companies," she said.

"We're taking a carefully measured approach to this important decision. We're listening to public feedback. We're also getting independent financial advice so we have a clear picture of the pros and cons of the various options open to us should the council agree to a capital release as part of the Long Term Plan."

Financial consultants Cameron Partners have been appointed to provide expert commercial advice.