Associated British Ports Holdings plc (ABP) has sold its interests in the Cardiff Bay Partnership and Caspian Point office development for £33m in order to extend its share repurchase programme.
Norwich Union, which had held a 55% stake in the partnership, bought ABP’s 45% stake in the business, which is engaged in the ownership, letting and management of office properties in Cardiff Bay. Caspian Point, wholly-owned by ABP, is a 9,000m2 office development in the bay.
The purchase, which allows ABP to extend its share repurchase strategy by £30m, includes an option to acquire a further 2.5ha of land in the bay for £3m.
