14th Jul 2008 11:04
Warner Estate Holdings PLC
ASHTENNE INDUSTRIAL FUND SECURES VOTE IN FAVOUR OF EXTENDING LIFE TO 2016
On Friday 11 July 2008 investors in the Ashtenne Industrial Fund ("AIF") voted by special resolution in favour of extending the life of the Fund until 2016. The £1bn Fund is managed by Morley and asset managed by Warner Estate Holdings PLC ("Warner Estate"), whose contracts have also been extended until 2016.
In addition, it also achieved 100% backing from its investors to introduce annual redemption provisions of 5% of NAV, commencing December 2009.
This achievement follows a lengthy consultation period earlier this year that saw Morley and Warner Estate engage with investors on the future of the Fund.
Sian Humphrey, Fund Manager at Morley commented: "We are delighted that our strategy of engaging and consulting with investors has resulted in the renewal of the Fund. Our approach in the consultation process was to highlight the benefits of an extension as well as articulate the potential challenges and operational risks associated with a wind-down. As a result of this process we will be setting up an Investor Advisory Committee with the aim of engaging investors further on the modernisation of the Fund structure."
Mark Ovens, Managing Director of Ashtenne Asset Management, the division within Warner Estate responsible for the asset management of AIF, commented: "The past performance of the Fund and the unique regional office structure provided by Warner Estate, which places experienced people close to the assets they manage, were significant factors in influencing the investors into supporting the extension. The 100-strong team's collective focus now is to continue to deliver performance in what is going to be a challenging economic environment over the next 12 months."
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Date: 14th July 2008
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Warner Estate Holdings PLC |
City Profile |
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Philip Warner, Chairman |
Simon Courtenay |
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Michael Stevens, Property Director |
Tel: 020-7448-3244 |
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Peter Collins, Finance Director |
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Tel: 020-7907-5100 |
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Web: www.warnerestate.co.uk |
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