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LONDON-Hermes Property Asset Management has injected £30.6 million ($48 million) into the Ashtenne Industrial Fund. The Fund was launched in June 2001 by Ashtenne and Morley Fund Management and the latest investment means the fund has grown from an initial pounds 360 million ($560 million) to pounds 420 million ($655 million) today.

In March 2002 the fund spent £53 million ($83 million) on a Yorkshire-based portfolio of 48 properties marketed by the regional development agency Yorkshire Forward.

Chris Laxton, Head of External Property Funds at Morley said: “We are delighted to welcome Hermes as one of our investors which illustrates that there is an appetite for property as an asset class and particular interest in the industrial sector”.

And Ashtenne’s Joint Chief Executive Ian Watson said the new investment would give the fund additional firepower to take advantage of buying opportunities in the market.

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