13th Dec 2006 11:21
Warner Estate Holdings PLC13 December 2006 Warner Estate Holdings PLC AIF AND NWDA COMPLETE JOINT VENTURE NorwePP, a public private partnership, has been launched today by the NorthwestRegional Development Agency (NWDA) and Ashtenne Industrial Fund (AIF) to manageand develop the Agency's portfolio of commercial premises. AIF was selected inSeptember this year as preferred bidder and the 50-50 joint venture gives AIF anequal stake in the circa £140million portfolio. NorwePP holds 42 commercial properties situated across the North West region,but mostly in Merseyside and West Cumbria. AIF is a limited partnership between Morley Fund Management and Warner EstateHoldings PLC. AIF was set up in July 2001 to invest in multi-let industrialproperties throughout the UK. AIF is fund managed by Morley and asset managed byWarner Estate from six regional offices around the country. Steven Broomhead, NWDA Chief Executive, comments: "We are confident that the useof private sector expertise will improve the performance of the portfolio,contributing to the economy and growth in the North West region." Mark Ovens, Director of AIF comments: "We look forward to progressing ourworking relationship with NWDA, as we continue to maximise the growth potentialof this North West portfolio and deliver outperformance to our investors." Following the formation of NorwePP, AIF is set to open its 7th regional office,at Wavertree Technology Park, Liverpool, in January 2007. - ends - Date: 13th December 2006 For further information contact: Warner Estate Holdings PLC City Profile Philip Warner, Chairman Simon CourtenayMichael Stevens, Property Director Tel: 020-7488-3244Peter Collins, Finance DirectorTel: 020-7907-5100 Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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