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.
Ashtenne has also acquired two further properties totalling 120,000 sf for £3.85 million ($5.58 million) from Enterprise plc, the majority of whose properties Ashtenne acquired in March 2001. This acquisition comprises Cleveland Business Centre in Middlesborough and Maritime Enterprise Park, Liverpool.
And the Ashtenne Industrial Fund acquired a 55,000-sf industrial property in East Kilbride, Scotland for about £1m ($1.45 million) from Express Software Limited. It paid £1.7 million ($2.5 million) for industrial property for the Fund from John Raymond Transport in Bridgend, comprising 70,808 sf. And it bought 12 industrial units totalling 133,317 sf at Ty Coch in Wales for £2.75m ($4 million) from Charterhouse Property Investments Limited. Tenants at the Welsh property include Burton's Biscuits and Genesis Distribution.
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