Article date: 14 February 2005
Morley Fund Management, one of the UK’s largest propertyfund managers, has been chosen by BAA as joint venture partner tocreate an £801m property fund, the Airport Property Partnership.Morley will invest £225.5m on behalf of its Norwich Union life fundclients in the vehicle. This will be Morley’s twelfthspecialist property fund.
The fund’s assets will be primarily cargo warehousing andoffices located across BAA’s UK airport sites. BAA’sproperty arm, BAA Lynton, will provide asset management servicesand Morley will act as fund manager.
Commenting on the deal, Richard Jones, head of property lifefunds at Morley, said: "With this latest joint venture initiativeMorley now offers its clients one of the most comprehensive rangesof specialist property funds in the UK. We are delighted to havebeen chosen by BAA for this landmark deal. The prime location ofthese properties gives great return potential for the portfolio andI’m confident that this partnership will benefit both ourclients and BAA’s shareholders."
This joint venture fits with Morley’s highly successfulproperty business model, where they seek to team up with propertypartners who are specialists in their chosen sectors. Morley bringsextensive fund management expertise to these partnerships, whilstdrawing on the asset knowledge of the partner.
Berwin Leighton Paisner were the lawyers for Morley. DTZ actedas property advisors.
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 Londonbased, asset management business with over £128 billion* undermanagement. The property team manages in excess of £15 billion* ofUK and European Property assets, making Morley one of the largestproperty fund managers in the UK. Winners of the high profileProperty Week Fund Manager of the Year Award 2004, the teamconsists of 60 investment professionals and manages a range offunds on behalf of institutional, pension and retail clients.Morley has been at the forefront of innovation in property fundmanagement and has launched eleven specialist sector based fundswith partners, including the Jersey-based Unit Trusts: AshtenneIndustrial Fund, Quercus Healthcare Property, The Junction and TheMall.
* Not including mortgage assets, as at 31/12/04
Morley’s Specialist Property Funds
Lime Property Fund
Public Sector and High Quality Tenants
UK community shopping centres
Capital & Regional plc
UK Retail Warehousing
Capital & Regional plc
Ashtenne Industrial Fund
UK Multi tenanted industrial fund
Igloo Regeneration Ltd
UK Flexible Managed offices
Pan European Datacentres
Capital Residential Fund
Prime Central London Residential
Capital Residential Management Ltd
Pillar European Retail Parks Fund
European Retail Parks
Aviva Central European Property Fund
Central European commercial