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RNS Number : 2995B

Warner Estate Holdings PLC

16 February 2011

Warner Estate Holdings PLC (the 'Group')

Interim Management Statement Business Review: The Group continues to meet the ongoing challenges arising from the uncertain economic environment and from the Group's high level of gearing.

Headline performance for the first three quarters of the year benefited from the disposal of the Radial Distribution asset management contract and joint venture equity interest in the first quarter. In addition, distributions in respect of the units held by the Group in the Apia Regional Office Fund and the Ashtenne Industrial Fund recommenced in the latter half of 2010, contributing GBP1million of income in respect of those funds' year ends at 31 December 2010. Rental income and management fees have been maintained in line with the six month period to 30 September 2010 and the Group continues to benefit from the cost saving initiatives implemented last year. Finance: The Group's facilities secured on its wholly owned assets mature in 2012 and the Group has commenced discussions with its three lenders to consider potential solutions, including a range of options to strengthen the Group's balance sheet.

As reported last November, discussions with the lenders to the Group's three non recourse joint ventures continue. Two of the joint ventures, Agora Shopping Centres and Agora Max, are with Uberior Ventures Limited (now part of Lloyds Banking Group) and hold shopping centre properties. The third, Greater London Offices (GLO), is with Barclays, and holds two mixed-use City of London properties. The value of the joint ventures on the Group's balance sheet is GBPNil.

Progress has been made with the shopping centre joint ventures with terms for refinancing Agora Shopping Centres now credit approved and in documentation. Discussions continue regarding the Agora Max facility, which matures on 7 March 2011.

The GLO facility, which matures in September 2011, has been transferred this month to Special Servicing within Barclays Capital Mortgage Servicing Limited to allow the Agent to allocate more time and resource to evaluate the various options under discussion. The Group's asset management expertise will be more important than ever to enhance the prospects of a maximum recovery for all stakeholders.

The Directors will provide further updates regarding these discussions as and when appropriate. Property: The Group's emphasis on retaining existing tenants has been successful in keeping void rates broadly stable across all assets under management. Within the Group's wholly owned portfolio the void rate has reduced to 9.3% from 10.3% as reported last November and its two shopping centres in Aylesbury and Folkestone are at 98% occupancy. Central London offices have continued to benefit from market recovery with an important renewal secured at 16 Upper Woburn Place, W1, and the last remaining floor at 60 New Broad Street, EC2, under offer. These transactions will create additional Group cash flow of circa GBP0.5 million per annum, after incentives and rent free periods. Rent collection statistics, across the entire portfolio under management, remain excellent at 98% collected with 28 days of the due date.

The property market is uncertain, with considerable variation between sectors, locations and prime and secondary valuations. This is unlikely to change in the short term, pending more clarity over the direction of the economy. The Group's emphasis on retaining existing tenants and maintaining income remains paramount in managing both our own mixed South East biased portfolio and our funds and joint ventures. -ends-

Date: 16th February 2011

Enquiries:

 
 Warner Estate Holdings PLC             City Profile 
 Philip Warner, Chairman                Jonathan Gillen 
 Mark Keogh, Group Managing Director    Simon Courtenay 
 Robert Game, Group Managing Director   Tel: 020-7448-3244 
  - Property 
 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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