13 December 2006

AIF and NWDA complete joint venture

NorwePP, a public private partnership, has been launched today by the Northwest Regional Development Agency (NWDA) and Ashtenne Industrial Fund (AIF) to manage and develop the Agency's portfolio of commercial premises. AIF was selected in September this year as preferred bidder and the 50-50 joint venture gives AIF an equal stake in the circa £140million portfolio.

NorwePP holds 42 commercial properties situated across the Northwest region, but mostly in Merseyside and West Cumbria.

AIF is a limited partnership between Morley Fund Management and Warner Estate Holdings PLC.  AIF was set up in July 2001 to invest in multi-let industrial properties throughout the UK. AIF is fund managed by Morley and asset managed by Warner Estate from six regional offices around the country.

Steven Broomhead, NWDA Chief Executive, comments: "We are confident that the use of private sector expertise will improve the performance of the portfolio, contributing to the economy and growth in the Northwest region."

Mark Ovens, Director of AIF comments: "We look forward to progressing our working relationship with NWDA, as we continue to maximise the growth potential of this Northwest 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

12 December 2006

PRESS CONTACTS:
Rachel Ormandy at the NWDA: 01925 400 237
Rachel.ormandy@nwda.co.uk

Kate Hewson/Pia Choudhury at Redwood Consulting for Warner Estate: 020 7828 5553 kate@redwoodconsulting.co.uk

NOTES TO EDITOR:

The Northwest Regional Development Agency (NWDA) leads the economic development and regeneration of England"s Northwest and is responsible for:

• Supporting business growth and encouraging investment
• Matching skills provision to employer needs
• Creating the conditions for economic growth
• Connecting the region through effective transport and communication infrastructure
• Promoting the region's outstanding quality of life

For further information about the NWDA please visit www.nwda.co.uk