Welsh Development Agency teams up

The Welsh Development Agency is to team up with the private sector to deliver up to £150 million of office and hi-tech manufacturing space across Wales. The capital cost of development would be borne by the private partner in return for long-term property leases. Premises would then be sublet to new or expanding businesses. The deal will initially be for projects worth £50 million to be delivered over two years, with a potential £100 million worth of projects over a further three to five years. The partnership will be formed later this year to allow the first projects to begin early in 2006.

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