Acquisition
28 4월 2006 - 4:01PM
UK Regulatory
RNS Number:1413C
Warner Estate Holdings PLC
28 April 2006
RADIAL ACQUIRES #17.62 MILLION BIRMINGHAM DISTRIBUTION PROPERTY
Warner Estate Holdings PLC ("Warner Estate") has today announced, on behalf of
the Radial Distribution Fund, its joint venture with Bank of Scotland, the
#17.62 million purchase of Alpha 1 on Hams Hall National Distribution Park,
Birmingham. This reflects a net initial yield of 6.125%.
Situated on Birmingham's premier distribution location, the self-contained
218,872sq ft (20,333sq m) property incorporates a purpose built, steel portal
framed warehouse (14 metre eaves) with ancillary offices.
The property is let on a new 15-year lease, providing an income of #1,149,078
per annum. Discussions are taking place to enhance the specification and extend
the office capacity.
Hams Hall National Distribution Park covers an area of approximately 430 acres
(174 hectares). The park is situated close to the national motorway network and
has its own international rail freight terminal. It lies approximately twelve
miles (18 km) north east of Birmingham City Centre and one mile (1.6 km) from
junction 9 of the M42 motorway. Birmingham International Airport is just eight
miles to the south.
Michael Stevens, Property Director at Warner Estate:
"This acquisition is an excellent addition to Radial's portfolio of ten
properties across the country. Hams Hall's key Golden Triangle location and
strong tenancy make it an ideal investment, in line with our strategy to buy
modern purpose-built stock at major transport intersections. The tenant's
proposed fit out provides additional active asset management potential for the
Fund."
-ends-
28 April 2006
For further information contact:
Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Michael Stevens, Property Director Tel: 020-7488-3244
Peter Collins, Finance Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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