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UK – The one-billion-pound (1.46 billion-euro) Kodak Ltd. Pension Plan has seen the real-estate assets in its joint venture with property firm Halladale almost double in a year, according to company documents.

The Kodak scheme is involved in two 50:50 ventures with Halladale Group Plc - the Halladale Opportunity Fund Ltd. Partnership and the Halladale Opportunity Fund Ltd. Partnership 2.

The total real estate assets of the combined ventures, according to Halladale’s recently published 2004 annual accounts, amount to 31.32 million pounds. This represents a rise from the 17.2 million pounds in real estate assets that the two organisations co-owned at the time of the 2003 report.

The second fund was launched in February 2003, with the Kodak scheme putting in one million pounds of equity – and a “mezzanine financing facility” of 11 million pounds.

The scheme’s involvement in the ventures is managed by LaSalle Investment Management.

The scheme also has a 5.23% shareholding in Halladale, the report states.

The Kodak scheme also has a partnership with Basepoint Plc, to develop and operate so-called managed business, innovation and enterprise centres, or MBECs.

“The Partnership initially committed to four new MBEC developments - two of which have opened and two of which are currently under construction for opening later this year,” Basepoint said earlier this year.

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