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CBP sale reinforces group focus.
(From Lloyds List)
WHEN Associated British Ports pulled out of Cardiff Bay Partnership in May, the decision surprised few ABP-watchers the group has long vowed to end its foray into property development to focus strictly on port-related property ventures.
Four years ago, ABP sold a 55% stake in CBP to Norwich Union, which included Scott Harbour and the Welsh Assembly site. It retained a 45% stake and continued to act as asset management for the project. In May, it sold its remaining interest to Norwich Union through Morley Fund Management.
'It is prudent to allow Norwich Union to assume 100% ownership,' says Phil Williams, ABP group property ...
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