Article date: 11 October 2005
The Norwich Property Trust (NPT) acquired more than £268million of new properties in the third quarter of this year, thehighest amount of acquisitions that the fund has made in the past18 months.
The eight new additions to the NPT, which is managed by MorleyFund Management, were all purchased during the past eight weeks.These eight acquisitions were:
- The Rydon Lane Retail Park in Exeter, purchased fromHenderson UK Retail Warehouse Fund for £56.5 million
- Triangle Shopping Centre in Manchester, purchased fromBlackstone Group for £67 million
- Prime office units at Trinity Gardens in Newcastle fromSilverlink Property Developments plc for £35 million
- Five out of the eight properties were a mix of high streetretail and prime office units, with a geographical spread acrossthe UK in Glasgow, Leeds, Brighton, Cardiff and Sutton. Thesefive properties were acquired for £110 million from ING RealEstate Investment Management and formed part of the AbbeyNational portfolio sold to ING REIM.
Gerardine Davies, the manager of the Norwich Property Trust andfund 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 theportfolio, which fit well with the investment strategy of theNorwich Property Trust. Our scale gives us the opportunity to buyportfolios that include a whole spectrum of property types inlocations throughout the country. The properties we have acquiredare top quality within their specific markets and give the NPTbalanced exposure to both the office and retailsectors.”
The £1.813 billion Norwich Property Trust was the UK's firstAuthorised Property Unit Trust when it was set up in 1991. TheTrust offers investors exposure to a highly diversified portfolioof UK commercial property assets as well as some exposure toproperty company shares (enhancing liquidity and returns).
For more information, contact:
Corporate Communications Manager
Morley Fund Management
tel +44 207 809 8618
Corporate Communications Executive
Morley Fund Management
tel+44 207 809 8125
Notes to editors:
About Morley FundManagement
Morley Fund Management (‘Morley’)is a London based, asset management business with over £134billion** under management. The property team manages in excess of£17 billion of UK and European property assets, making Morley thelargest property fund manager in Europe. Winners of the highprofile Property Week Fund Manager of the Year Award 2004 and theUK Pensions Awards 2005 Property Fund Manager of the Year, theteam consists of over 60 investment professionals and manages arange of funds on behalf of institutional, pension and retailclients. Morley has been at the forefront of innovation inproperty fund management and has launched a range of specialistsector based funds, including: Igloo Regeneration Fund, QuercusHealthcare Property, The Junction and The Mall.
**Not including mortgage assets, as at 30/06/05
Telephone calls may be recorded for training and monitoringpurposes.
Morley Fund Management is a business name of Morley Fund ManagementLimited, registered in England No. 1151805. Registered Office: No.1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK bythe Financial Services Authority and a member of the InvestmentManagement Association.
Morley Fund Management is also a business name of Morley FundManagement International Limited. Both are Aviva companies.
Contact us at Morley Fund Management, No. 1 Poultry, London EC2R8EJ.