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Ashtenne Splashes Out on Property Buying Spree

LONDON-Quoted industrial property specialist Ashtenne Holdings has been busy buying a variety of investments, including car showroom sale-and-leasebacks and business centres.

By Charlie Jacoby | Updated on January 22, 2002

LONDON-Ashtenne Holdings, the quoted industrial property investment company, has acquired £31.5 million ($45.7 million) of property. Some £5.5 million-worth ($8 million) went to the Ashtenne Industrial Fund and £26 million ($38 million) to its wholly-owned portfolio.

Among acquisitions, Ashtenne has entered into a £12 million ($17.4 million) sale and leaseback joint venture with City Motors, the car dealership group. Ashtenne plans to invest £3 million ($4.4 million) of equity in this deal. The JV has acquired ten car showrooms across the UK, including at Chichester, Haslemere and Basingstoke and a new Mercedes car showroom in Exeter.

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