Warner Estate has announced the purchase of £80m worth of property by the Ashtenne Industrial Fund (AIF).
The purchases comprise all the properties from the Bareway Industrial Fund, Warner Estate’s joint venture with Barclays Bank, and properties from Warner Estate’s wholly owned portfolio.
The properties from Bareway were four multi-let industrial estates in the South and South East of England, totalling some 415,000 sq ft and sold for £28.9m.
The purchase from Warner Estate comprised 12 industrial properties, located nationwide, totalling approximately 754,000sq ft and sold £51.1m.
The purchases are the AIF’s first major portfolio transaction since Industrial Funds Limited, a joint venture between Warner Estate and Anglo Irish Bank, bought Ashtenne in May 2005.
The Fund’s value to now stands at around £860m.
Michael Stevens, Operations Director at Warner Estate comments, “Following the purchase of Ashtenne in May, Warner Estate’s key focus in the industrial sector is the AIF.
“The sale of these properties from Bareway and our wholly owned portfolio to AIF will enable us to maximise our resources for continued outperformance by AIF.”
AIF is a limited partnership between Ashtenne Holdings and Morley Fund Management.
References: EGi News 16/11/05
