Ashtenne Industrial Fund


 

TIDMWNER 
 
RNS Number : 2663A 
Warner Estate Holdings PLC 
05 October 2009 
 

Warner Estate Holdings PLC 
("Warner Estate") 
ASHTENNE INDUSTRIAL FUND ANNOUNCES GBP364 MILLION REFINANCING AND RAISES GBP45 
MILLION OF NEW EQUITY 
Aviva Investors and Warner Estate, on behalf of the Ashtenne Industrial Fund 
("AIF"), have successfully raised GBP45 million of new equity in order to reduce 
its senior debt, and refinance its existing facility for a further four years 
with Royal Bank of Scotland and the Lloyds Banking Group. 
The new equity, issued in the form of convertible loan stock which will convert 
to units in the Fund in September 2012 (or earlier at the option of the note 
holder), was raised entirely from within the Fund's existing investor base and 
was significantly oversubscribed, demonstrating investor confidence in the 
future performance of the Fund. 
The revised debt facility provides stability to the Fund and a strong platform 
on which to continue the proactive asset management of the GBP627m portfolio 
comprising 330 industrial properties, let to 3,112 tenants, with an annual rent 
roll of GBP56 million. It will also reduce the need for further asset sales 
until values improve. 
The Fund, which is managed by Aviva Investors and asset managed by Warner 
Estate, is now closer to concluding its disposal programme, having completed 
some GBP52.3million of sales in 29 separate transactions during 2009, at a 
modest discount of just 3.7% to their collective value in December 2008. 
Siân Humphrey, Fund Manager at Aviva Investors commented: "We are delighted to 
have successfully concluded the equity raise and re-financing which provides a 
stable and defined future for the Fund and also reaffirms the continuing support 
from our investors." 
John Heawood, Managing Director of Ashtenne Asset Management, the division of 
Warner Estate responsible for the asset management of AIF, commented: "The 
combination of the refinancing and the equity raised have given the Ashtenne 
Industrial Fund a solid base upon which to build, paving the way for a recovery 
in value through the next few years. Our unique structure of regional management 
teams has been hugely effective at retaining income, minimising void and 
continuing to make sales during the downturn. Today's announcement represents a 
very significant return on their efforts." 
 
 
5th October 2009 
-ends- 
 
 
Enquiries: 
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| Warner Estate Holdings PLC           |                                      | 
+--------------------------------------+--------------------------------------+ 
| Philip Warner, Chairman              |                                      | 
+--------------------------------------+--------------------------------------+ 
| Mark Keogh, Finance Director         |                                      | 
+--------------------------------------+--------------------------------------+ 
| Robert Game, Property Director       |                                      | 
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| Tel: 020-7907-5100                   |                                      | 
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| 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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