Acquisition
25 9월 2001 - 4:01PM
UK Regulatory
RNS Number:5531K
Warner Estate Holdings PLC
25 September 2001
Warner Estate Holdings PLC
WARNER ESTATE BUYS PROMINENT BRISTOL INVESTMENT
TROPHY IN #16.3 MILLION DEAL
Warner Estate Holdings PLC, ("Warner Estate"), the property investment
company, has exchanged contracts to buy West Gate, Coulston Avenue, Bristol,
an 8,447 sq. m (90,924 sq ft) office property. The property has been purchased
from clients of Bilsdale Properties Ltd. for #16.3 million, at a yield in
excess of 9%.
West Gate is let to Royal & Sun Alliance Insurance Group PLC on a 25-year
lease dating from 1990 at a rent of #1.6 million per annum (equivalent to #
17.40 per sq ft). There is a tenant's-only option to break in 2010. West Gate
is located in the heart of Bristol's central business district and occupies a
prominent location on Coulston Avenue at the junction with Rupert Street and
Quay Street.
The five-storey building was comprehensively refurbished in 1992. It now
provides air-conditioned offices arranged around a glazed central atrium and
is occupied by Royal & Sun Alliance Insurance Group PLC as one of its main
business centres. The property also features a 63-space basement car park.
Commenting on the purchase, Philip Warner, Chairman said:
" This is an excellent purchase for Warner Estate. It is a well-located
investment grade property in a central business area. The 9%+ yield and the
covenant of a large quoted company make West Gate particularly attractive to
us.
" Following our move out of the residential property sector, we are seeking
opportunities to demonstrate our asset management skills on commercial
properties which have a potential for both capital and rental growth in our
target markets. We are continuing to focus on office investments in the South
of England, high yielding shopping centres in the North-West and South and
multi-let distribution investments in the Midlands and South.
"Our balance sheet strength enables us to take advantage of opportunities
which arise at short notice and, in the current economic climate, we expect to
be able to strengthen further the quality of our commercial portfolio over the
coming months."
- ends -
Date: 25 September 2001
For further information contact:
Richard Moore, Property Director Simon Courtenay
Warner Estate Holdings PLC Ed Senior
020-7487-3312 City Profile Group
020-7448-3244
Web: www.warnerestate.co.uk Email: simon.courtenay@city-profile.com
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