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TIDMWNER 
 
RNS Number : 0085E 
Warner Estate Holdings PLC 
11 December 2009 
 

Warner Estate Holdings PLC 
("Warner Estate") 
ASHTENNE CONCLUDES 2009 DISPOSAL PROGRAMME WITH GBP31.5 MILLION CORUS SALE 
Ashtenne Industrial Fund, the specialist industrial property fund jointly 
managed by Aviva Investors and Warner Estate, has sold The Steel Park in 
Wednesfield near Wolverhampton to an undisclosed purchaser for GBP31,500,000, 
reflecting a net initial yield of 8.62%. 
The sale brings Ashtenne's 2009 disposal programme to an end, with the Fund 
having comfortably exceeded its 2009 sales targets, with nearly GBP92 million 
now raised from 37 separate transactions since March 2009. Importantly, the 
sales have been completed at an average discount to their December 2008 
valuation of just 1.5%. John Heawood, Managing Director of Ashtenne Asset 
Management, the division of Warner Estate responsible for the asset management 
of Ashtenne Industrial Fund, commented: 
"2009 has been quite a year for the business.  We completed a sale a week, 37 in 
total, which is 
 one for every week since I joined the business on 6th April. 
 This is all down to the staff and 
 managers in our network of regional 
offices.   It is a credit to the strong working relationship with our Fund 
Manager Aviva and our existing investors that the Fund has been able to achieve, 
in a difficult market, the GBP45million equity raise and refinancing a 4 year 
GBP364million loan with RBS and Lloyds. This remains one of the largest in the 
sector this year and sets the Fund in good stead for 2010 and beyond." 
The Steel Park is a 761,614 sq ft steel processing, storage and distribution 
complex, with additional office and training facilities and is set on a 60 acre 
site, including a 15 acre plot of land available for further development. The 
entire site is let to Corus UK Ltd until March 2026, with a parent company 
guarantee from Corus Group Ltd. Corus is a wholly owned subsidiary of TATA 
Steel, the world's 5th largest steel 
 producer. The current rent is 
GBP2,868,850 per annum, subject to 2.5% compound increase rent reviews every 5 
years. 
 
 
Ashtenne had acquired the site in a sale and leaseback from Corus in 2001, 
before working with Corus in 2008 to extend the buildings by 37,000sq ft, while 
the tenant remained in full occupation of their existing space. Upon completion 
of the works, the 7 occupational leases were regeared to their current terms. 
The single let nature and the lot size (Ashtenne's largest) make it something of 
an anomaly in the Fund's portfolio and it had been targeted as a potential 
disposal since the completion of the building and lease extensions. 
 
 
11th December 2009 
-ends- 
 
 
Enquiries: 
+--------------------------------------+--------------------------------------+ 
| Warner Estate Holdings PLC           |                                      | 
+--------------------------------------+--------------------------------------+ 
| Philip Warner, Chairman              |                                      | 
+--------------------------------------+--------------------------------------+ 
| Mark Keogh, Finance Director         |                                      | 
+--------------------------------------+--------------------------------------+ 
| Robert Game, Property 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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