Associated British Ports (ABP) has transferred a 24,628sq m (265,102 sq ft) property portfolio into a new joint venture with Norwich Union called Cardiff Bay Partnership.
It includes four office developments in Cardiff Bay. ABP will receive £53m less its £16m investment in the partnership in which it holds a 45% stake.
ABP has exchanged contracts with Cardiff county council which will pay £2.5m for a 1.9ha (4.7 acre) site in Cardiff Bay. The site will be reserved for the proposed Wales Millennium Centre.
Financial Times 27/10/00 page 30
