BAA plc Creates `Pound'177 Million Airport Industrial Limited Partnership With Scottish Widows.Business Editors LONDON--(BUSINESS WIRE)--Dec. 18, 2000 BAA Baa See BBB. Lynton, the commercial airport property arm of international airport group BAA plc, today announced that it has completed the establishment of its second limited partnership, the (pound)177 million Airport Industrial Limited Partnership (AILP AILP Associazione Italiana Lavoratori e Pensionati (Italian Retired Persons Association) AILP Application-Initiated Lightpath Provisioning ). The fund, which consists of 10 BAA properties, has been established with Scottish Widows Scottish Widows is an investment company located in Edinburgh, Scotland, now a subsidiary of the Lloyds TSB Group. Scottish Widows Fund and Life Assurance Society opened in 1815 in what is now Chambers Street, as Scotland's first mutual life office. Investment Partnership who have injected a further two properties, valued at (pound)40 million, into AILP. The transaction will result in a cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. of (pound)107 million and profits of circa circa prep. Abbr. ca In approximately; about. (pound)20 million to BAA plc. This is the first fund of this type to be established by Scottish Widows Investment Partnership, who will also be fund managers to AILP, although BAA will have a property advisory role and retain management control over six on-airport properties. BAA will have an equity stake of (pound)12m in AILP and it is expected that Scottish Widows Investment Partnership will also seek further partners to invest in the fund, in due course. Commenting on the Partnership, Mike Hodgkinson, BAA's Chief Executive said, "Our strategy has been to realize cash and profits from our non-core assets, in particular those which are outside our regulated airport asset base. This fund is a further step in achieving this strategy and follows on from the successful (pound)200 million Airport Hotels Partnership which was set up in March this year." Tom Laidlaw Thomas Laidlaw (born April 15, 1958 in Brampton, Ontario) is a retired Canadian ice hockey defenceman. Laidlaw started his National Hockey League career with the New York Rangers in 1980. He also played for the Los Angeles Kings. He left the NHL after the 1990 season. , Head of Property at Scottish Widows Investment Partnership added, "We are particularly pleased with this partnership as we believe that airport related properties will deliver above average performance in the industrial sector. This deal will help the Investment Partnership achieve its ambition of significantly growing its assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. over the next five years. The Property Desk will continue in its strategy of increasing weightings in property and in particular within the industrial sector." AILP has also entered into a (pound)13 million commitment to purchase, on completion, a further property which is currently being developed by BAA. It is anticipated that the fund will in the future acquire on completion further airport related warehouse developments from BAA. BAA ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. ; prices may be accessed on Bloomberg under the symbol BAA LN, on the Reuter Equities 2000 Service under BAA.L and on Quotron under BAANU.EU. BAA ADRs, each equal to one ordinary share, appear on the pink sheets under BAAPY. Additional information is available on BAA's home page: http://www.baa.co.uk. |
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