Notes to the financial statements
16 Investment in joint ventures
|
2009
£m |
2008
£m |
| At start of year |
9.6 |
9.3 |
| Investment in new joint venture |
4.4 |
– |
| Share of (loss)/profit |
(0.2) |
0.3 |
| At end of year |
13.8 |
9.6 |
The joint ventures represent a 50% equity interest in Hedge End Park Limited, a property investment company incorporated in Great Britain, and a 50% equity interest in Lima (Bradford) S.a.r.l, a property investment company incorporated in Luxembourg, acquired during the year. The partner in the Hedge End Park Limited joint venture is J Sainsbury plc and the partner in the Lima (Bradford) S.a.r.l joint venture is ProLogis UK Holdings S.A.
In relation to the Group’s interest in joint ventures, the assets and liabilities are shown below:
|
2009
£m |
2008
£m |
| Non-current assets |
4.9 |
2.7 |
| Current assets |
9.1 |
7.2 |
| Current liabilities |
(0.2) |
(0.3) |
| Net assets |
13.8 |
9.6 |