Monday, September 18, 2023
Ashtenne Industrial Fund purchases property worth £41.85m
Warner Estate Holdings, the property investment company, has announced the sale of £41.85m worth of property to the Ashtenne Industrial Fund, which Warner Estate co-manages with Morley Fund Management, reflecting a net initial yield of 6.4%.
The purchase by AIF comprises eight industrial properties from Warner Estate's wholly owned portfolio. Located nationwide, from Abingdon to Manchester, the properties total circa 530,000sq ft (49,237sqm).
Michael Stevens, Property Director at Warner Estate comments, "Warner Estate's key focus in the industrial sector is the Ashtenne Industrial Fund, which has the resources and specialist skills to generate consistent total returns through intensive asset management. The sale of these properties from our wholly owned portfolio to AIF maintains that focus."
Karen Fox, Fund Manager at Morley Fund Management, comments: "In a competitive market, this acquisition provides the fund with an opportunity to acquire well located assets which are forecast to add to the fund's overall returns and provide continued outperformance to investors."
This transaction, which results in an increase in AIF's floor space to just over 20m sq ft, follows the purchase in November 2005 of £80m worth of property from Warner Estate's wholly owned portfolio and its former joint venture with Barclays Bank, the Bareway Industrial Fund.
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The purchase by AIF comprises eight industrial properties from Warner Estate's wholly owned portfolio. Located nationwide, from Abingdon to Manchester, the properties total circa 530,000sq ft (49,237sqm).
Michael Stevens, Property Director at Warner Estate comments, "Warner Estate's key focus in the industrial sector is the Ashtenne Industrial Fund, which has the resources and specialist skills to generate consistent total returns through intensive asset management. The sale of these properties from our wholly owned portfolio to AIF maintains that focus."
Karen Fox, Fund Manager at Morley Fund Management, comments: "In a competitive market, this acquisition provides the fund with an opportunity to acquire well located assets which are forecast to add to the fund's overall returns and provide continued outperformance to investors."
This transaction, which results in an increase in AIF's floor space to just over 20m sq ft, follows the purchase in November 2005 of £80m worth of property from Warner Estate's wholly owned portfolio and its former joint venture with Barclays Bank, the Bareway Industrial Fund.
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The new Property Executive business directory has just been launched. To add a free listing for your company click here.
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