Morley Fund Management, one of the UK’s largest property fund managers, has been chosen by BAA as joint venture partner to create an £801m property fund, the Airport Property Partnership. Morley will invest £225.5m on behalf of its Norwich Union life fund clients in the vehicle. This will be Morley’s twelfth specialist property fund.
Morley Fund Management, one of the UK’s largest property fund managers, has been chosen by BAA as joint venture partner to create an Ł801m property fund, the Airport Property Partnership. Morley will invest Ł225.5m on behalf of its Norwich Union life fund clients in the vehicle. This will be Morley’s twelfth specialist property fund.
The fund’s assets will be primarily cargo warehousing and offices located across BAA’s UK airport sites. BAA’s property arm, BAA Lynton, will provide asset management services and Morley will act as fund manager.
Commenting on the deal, Richard Jones, head of property life funds at Morley, said: "With this latest joint venture initiative Morley now offers its clients one of the most comprehensive ranges of specialist property funds in the UK. We are delighted to have been chosen by BAA for this landmark deal. The prime location of these properties gives great return potential for the portfolio and I’m confident that this partnership will benefit both our clients and BAA’s shareholders."
This joint venture fits with Morley’s highly successful property business model, where they seek to team up with property partners who are specialists in their chosen sectors. Morley brings extensive fund management expertise to these partnerships, whilst drawing on the asset knowledge of the partner.
Berwin Leighton Paisner were the lawyers for Morley. DTZ acted as property advisors.
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For further information please contact:
Fiona Baker, Head of Corporate Communications 020 7809 8617
Laura Cook, Corporate Communications Executive 020 7809 8125
Morley Fund Management
- Morley Fund Management (‘Morley’) is a London based, asset management business with over Ł128 billion* under management. The property team manages in excess of Ł15 billion* of UK and European Property assets, making Morley one of the largest property fund managers in the UK. Winners of the high profile Property Week Fund Manager of the Year Award 2004, the team consists of 60 investment professionals and manages a range of funds on behalf of institutional, pension and retail clients. Morley has been at the forefront of innovation in property fund management and has launched eleven specialist sector based funds with partners, including the Jersey-based Unit Trusts: Ashtenne Industrial Fund, Quercus Healthcare Property, The Junction and The Mall.
- www.morleyproperty.com
* Not including mortgage assets, as at 31/12/04
Morley’s Specialist Property Funds
| Name | Sector | Partner |
| Lime Property Fund | Public Sector and High Quality Tenants | None |
| The Mall | UK community shopping centres | Capital & Regional plc |
| The Junction | UK Retail Warehousing | Capital & Regional plc |
| Ashtenne Industrial Fund | UK Multi tenanted industrial fund | Ashtenne plc |
| Igloo | UK regeneration | Igloo Regeneration Ltd |
| Corporate Centres | UK Flexible Managed offices | Stonemartin |
| Quercus | UK Healthcare | Quintain |
| Global Switch | Pan European Datacentres | Chelsfield |
| Capital Residential Fund | Prime Central London Residential | Capital Residential Management Ltd |
| Pillar European Retail Parks Fund | European Retail Parks | Pillar plc |
| Aviva Central European Property Fund | Central European commercial | King Sturge |