Property Week - March 8, 2004
Ashtenne has sold its freehold interest in a portfolio of 570 houses at Lakenheath Airbase in Suffolk, currently let to the US Air Force, to a consortium of investors led by Cardiff based Hodge & Co. for £64.75m. The sale represents a profit for Ashtenne of £9.75m, based on a book value of December 2003. Ian Watson, joint chief executive of Ashtenne, said: 'This is a textbook example of what we try to do. We bought this asset with a lease coming to an end within the year as part of a 'job-lot'. We then renewed the lease on excellent terms and have now sold the property to crystallise the very considerable value added.
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Thursday, March 11, 2004
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