Search
 

Morley Takes Over Cardiff Bay Developments

LONDON-Associated British Ports Holdings has sold its remaining shareholding in the Cardiff Bay Partnership, whose assets include the Welsh National Assembly building, to Morley Fund Management for $58 million.

By Graham Parker | Updated on May 18, 2004

LONDON-Associated British Ports has sold its remaining stake in the Cardiff Bay Partnership to Morley Fund Management for £33 million ($58 million). The Cardiff Bay development area includes Scott Harbour, Caspian Point and the award-winning NCM building.Morley bought a 55% stake in October 2000 and is now assuming control of the partnership’s property interests, including Crickhowell House, home to the National Assembly for Wales; the NCM building, which won an award for architecture, and Caspian Point, two grade A office buildings totalling 98,000 sf. In addition, ABP has granted Morley an option to acquire the remaining 6.2 acres of development land, which surrounds the existing Bay development.As well as the National Assembly for Wales, existing occupiers include the Bank of England, HBOS, the Institute of Directors and the British Medical Association.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.