Ask receives £20m funding boost

Commercial property company Ask Developments has received a £20 million funding boost from shareholder Morgan Stanley Real Estate.

The move takes Morgan Stanley's total commitment to more than £40 million but does not see its 25 per cent shareholding increase.

With the funding secured, Manchester-based Ask will be able to continue its developments.

The money will help finance the first phase of the First Street project in south Manchester which includes office, retail and public realm investment.

Its 60 ft wide boulevard is expected to cost £20 million.

Money will also be used for a 175,000 sq ft apartment complex in Urmston and 40,000 sq ft of offices, a 46,000 sq ft medical centre and 110-bed hotel and apartments in Bury.

Chief executive Ken Knott said: "This is an important vote of confidence in the company in what are currently challenging economic conditions and it is testimony to the inherent quality of our portfolio and its capacity to deliver excellent returns."

Ask was formed in 2000 and its portfolio comprises 20 projects with a total of eight million sq ft of floorspace and an end value of nearly £2 billion.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.