The Norwich Property Trust acquired more than £268 million of new properties in the third quarter of this year, the highest amount of acquisitions that the fund has made in the past 18 months.
The Norwich Property Trust (NPT) acquired more than Ł268 million of new properties in the third quarter of this year, the highest amount of acquisitions that the fund has made in the past 18 months.
The eight new additions to the NPT, which is managed by Morley Fund Management, were all purchased during the past eight weeks. These eight acquisitions were:
- The Rydon Lane Retail Park in Exeter, purchased from Henderson UK Retail Warehouse Fund for Ł56.5 million
- Triangle Shopping Centre in Manchester, purchased from Blackstone Group for Ł67 million
- Prime office units at Trinity Gardens in Newcastle from Silverlink Property Developments plc for Ł35 million
- Five out of the eight properties were a mix of high street retail and prime office units, with a geographical spread across the UK in Glasgow, Leeds, Brighton, Cardiff and Sutton. These five properties were acquired for Ł110 million from ING Real Estate Investment Management and formed part of the Abbey National portfolio sold to ING REIM.
Gerardine Davies, the manager of the Norwich Property Trust and fund manager at Morley Fund Management, said of the purchases: “With continued strong demand for commercial property, we’re pleased to have secured these quality assets for the portfolio, which fit well with the investment strategy of the Norwich Property Trust. Our scale gives us the opportunity to buy portfolios that include a whole spectrum of property types in locations throughout the country. The properties we have acquired are top quality within their specific markets and give the NPT balanced exposure to both the office and retail sectors.”
The Ł1.813 billion Norwich Property Trust was the UK's first Authorised Property Unit Trust when it was set up in 1991. The Trust offers investors exposure to a highly diversified portfolio of UK commercial property assets as well as some exposure to property company shares (enhancing liquidity and returns).
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For more information, contact:
Monina Villaroman
Corporate Communications Manager
Morley Fund Management
Monina.Villaroman@morleyfm.com
tel +44 207 809 8618
Laura Cook
Corporate Communications Executive
Morley Fund Management
Laura.Cook@morleyfm.com
tel +44 207 809 8125
Notes to editors:
About Morley Fund Management
Morley Fund Management (‘Morley’) is a London based, asset management business with over Ł134 billion** under management. The property team manages in excess of Ł17 billion of UK and European property assets, making Morley the largest property fund manager in Europe. Winners of the high profile Property Week Fund Manager of the Year Award 2004 and the UK Pensions Awards 2005 Property Fund Manager of the Year, the team consists of over 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 a range of specialist sector based funds, including: Igloo Regeneration Fund, Quercus Healthcare Property, The Junction and The Mall.
Visit www.morleyproperty.com
**Not including mortgage assets, as at 30/06/05
Telephone calls may be recorded for training and monitoring purposes.
Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association.
Morley Fund Management is also a business name of Morley Fund Management International Limited. Both are Aviva companies.
Contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.