Interim Management Statement


 

TIDMWNER 
 
RNS Number : 2703H 
Warner Estate Holdings PLC 
17 February 2010 
 

            Warner Estate Holdings PLC ("Warner Estate" or "Group") 
 
                          Interim Management Statement 
 
Business Review: 
 
The Group's position has steadied during the months following our half year 
results. Rental income has been maintained and, in line with property values, 
management fees have stabilised. Cost saving initiatives continue to be 
delivered in line with reductions established in the first half of the year.  In 
addition, the Group has benefited in the quarter from a one off performance fee 
of GBP1.1million, arising from periods prior to 2008. 
 
The Group was profitable and cash generative in the quarter to December 2009 
resulting in a reduction of net debt from GBP250m to GBP248m. 
 
Refinancing: 
 
As detailed in the half year results announcement last November, discussions 
with each of the Group's lenders continue and satisfactory and constructive 
progress is being made.  The Directors will provide a further update regarding 
these discussions as and when appropriate. 
 
Property: 
 
Since reporting last November, we have made substantial progress with reducing 
voids.  In the City of London, the Group's largest void, 60 New Broad Street, 
has benefited from the general up-turn in activity, with the letting of a 
further two floors (13,130 sq. ft.) bringing the total letting to 20,920 sq. ft. 
and strong interest in the remaining four floors (34,720 sq. ft.). 
Within the Wholly Owned portfolio there has been little sales activity. 
Proceeds of GBP1.56 million were realised from two asset sales at 4% above 
current valuation. 
 
On a like-for-like basis, contracted rent levels on the managed portfolio have 
fallen marginally from GBP144.4m to GBP143.7m.  Rent collection statistics have 
held constant at 96% collected within 28 days of the due date. 
 
As we move towards the formal year end revaluation at 31st March 2010, we are 
encouraged by the growth in investment volumes and the continued valuation 
recovery across all the main sub-sectors, partly evidenced by a slight rise in 
the value of the units held by the Group in the Ashtenne Industrial Fund and the 
Apia Regional Office Fund for the quarter to 31st December 2009. 
 
General Meeting: 
 
With reference to the announcement on 1st February 2010, it is anticipated that 
the circular calling a General Meeting to approve a suspension of the borrowing 
limit in the Articles of Association will be posted to shareholders shortly. 
 
17th February 2010 
 
                                     -ends- 
Enquiries: 
+--------------------------------+--------------------------------+ 
| Warner Estate Holdings PLC     | City Profile                   | 
+--------------------------------+--------------------------------+ 
| Philip Warner, Chairman        | Jonathan Gillen                | 
+--------------------------------+--------------------------------+ 
| Mark Keogh, Finance Director   | Simon Courtenay                | 
+--------------------------------+--------------------------------+ 
| Robert Game, Property Director | Tel:  020-7448-3244            | 
+--------------------------------+--------------------------------+ 
| 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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