One NorthEast: Finance

Jim Cousins
To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what the estimated monetary value is of the assets transferred to the North East Property Partnership by One North East (ONE); and what income from the Partnership has been received by ONE in each year since 2004-05.

Mr. McFadden
[holding answer 3 March 2009]: Assets valued at £122 million at 31 March 2004 were transferred on 1 April 2004 to the North East Property Partnership in exchange for loan notes valued at £148 million.

The income received from the partnership in each financial year from 2004-05 is:

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|                     |£ million|
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|2004-05              |14.3     |
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|2005-06              |26.2     |
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|2006-07              |14.2     |
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|2007-08              |17.6     |
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|2008-091             |8.4      |
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|1Forecast figure only|         |
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