NorwePP, a public private partnership, has been launched today by the Northwest Regional Development Agency (NWDA) and Ashtenne Industrial Fund (AIF) to manage and develop the agency’s portfolio of commercial premises.
AIF was selected in September this year as preferred bidder for the 50-50 joint venture, which gives it an equal stake in the £140m portfolio.
NorwePP owns 42 commercial sites and properties situated across the North West region, but mostly in Merseyside and West Cumbria.
Steven Broomhead, NWDA chief executive, said: ‘We are confident that the use of private sector expertise will improve the performance of the portfolio, contributing to the economy and growth in the North West region.’
Following the formation of NorwePP, AIF is set to open its 7th regional office, at Wavertree Technology Park, Liverpool, in January 2007.