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AWG unveils pounds 50m financing initiative; PROPERTY: Company's schemes include pounds 100m Celtic Springs business park.


PROPERTY development company AWG Developments has rolled out its pounds 50m financing initiative in Wales.

The initiative, known as MDPF, has already been successfully unveiled in other parts of the UK, including Scotland and the North West of England.

AWG has an active presence in South Wales, including the pounds 53m Gwent Euro Park distribution development at Magor and the pounds 18m Greyfriars Shopping Centre at Carmarthen, which is now fully let.

Josh Roberts, senior development manager with AWG's southern region, said the company's "pipeline of new schemes" was already impressive and included the pounds 100m Celtic Springs business park near Newport, which is being developed in a joint venture with Chepstowbased Broadhall.

Mr Roberts said, "AWG remains strongly focused on growing our property development activities in all commercial sectors through strategic alliances with landowners, specialist property partners and funding institutions.

"We are confident that AWG's track record and proven ability to work in a joint venture, will increase the interest in this MDPF vehicle not only to our existing partners, but also to many potential new partners in the field of commercial development.

"As a result, several projects which may currently have all the right ingredients but are stalling due to lack of finance can actually happen."

Through the formation of a joint venture agreement, the MDPF initiative is able to provide 100pc financial backing to viable schemes.

By utilising well-established business relationships with a network of investors, MDPF is able to raise the necessary finance required on a project-by-project basis.

Specialists in commercial developments AWG Developments, formerly known as Morrison Developments is the commercial and residential arm of AWG a FTSE 150 company with a pounds 1.8bn market capitalisation.

AWG Developments specialises in all types of commercial property development, including projects such as the pounds 100m Great Northern mixed leisure and retail scheme in central Manchester and Broadway Plaza, an pounds 80m leisure, retail and residential development in Birmingham.
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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Dec 19, 2001
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