Disposal
15 6월 2004 - 4:00PM
UK Regulatory
RNS Number:7548Z
Warner Estate Holdings PLC
15 June 2004
Warner Estate Holdings PLC
WARNER SELLS BOURNEMOUTH OFFICE BUILDING
Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced it has contracted to sell an office building in Bournemouth
for #12.74m. Warner Estate held this asset in its #112m Regional Office Fund, a
joint venture with the Royal Bank of Scotland.
This 80,187 sq ft office building is well located within Bournemouth Central
Business District. Seven individual leases at this building were re-geared into
one overriding lease so the property is let in its entirety to the First
Secretary of State until 2028 at #810,000 pa. This sale, at a net initial yield
of 6%, reflects its well secured income stream.
Commenting on the transaction, Richard Moore, Property Director at Warner Estate
said:
"This transaction is an excellent example of the asset management initiatives
being undertaken at Warner Estate. The re-gearing of seven leases into a single
overriding lease with an extended term has generated significant value and
demonstrates our commitment to work with our occupiers to our mutual advantage."
-ends-
Date: 15 June 2004
For further information contact:
Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Richard Moore, Property Director Chris Lane
Peter Collins, Finance 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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