Acquisition
20 9월 2004 - 4:00PM
UK Regulatory
RNS Number:1017D
Warner Estate Holdings PLC
20 September 2004
Warner Estate Holdings PLC
WARNER ESTATE ADDS #85M GRANGE SHOPPING CENTRE
TO THE AGORA FUND
Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that on behalf of the Agora Shopping Centre Fund, its #293
million joint venture with Bank of Scotland Corporate, it has acquired the
Grange Shopping Centre in Birkenhead from the Performance Shopping Centres
Limited Partnership for #85 million. The initial yield on the acquisition is
6.0% rising to 7.0% on reversion.
The 463,000 sq, ft (43,000 sq. m) shopping centre, which was developed in 1976,
is anchored by Marks & Spencer. Other major retailers with large units at the
scheme include TJ Hughes, Littlewoods and WH Smith. The centre benefits from a
475 space multi-storey car park and it dominates the shopping provision in
Birkenhead, the principal shopping destination on the Wirral.
The Agora Fund already owns seven other shopping centres in the Northwest,
including the adjacent Pyramids Shopping Centre in Birkenhead. The intention
will be to merge the two shopping centres together and create a significant
retail presence.
Warner Estate is confident that, by using its active asset management skills,
the two combined centres offer significant scope for it to grow rental income.
Following Warner Estate's recent announcement of a joint-venture with private
property development specialist Bride Hall, it also has the enhanced skills and
experience which can un-lock the development potential of the enlarged shopping
centre scheme.
The scheme will be owned by the Agora Fund, which will bring the number of
shopping centres invested in the Fund to eight. The Agora Fund was launched in
March 2003 as a joint venture with Bank of Scotland Corporate with the aim of
producing consistent high investment returns from the ownership and active
management of a portfolio of major local shopping centres.
Commenting on the purchase, Richard Moore, Property Director at Warner Estate
said,
" We are delighted to announce the acquisition of the Grange Shopping Centre,
which is a significant addition to the Agora Fund. This purchase is further
testament to our long-term strategy of investing in improving shopping centres
throughout the Northwest.
" The Grange together with the Pyramids scheme in the town, which we acquired
last year, make us the dominant retail property owner in Birkenhead. There is
real synergy between the two and they offer excellent potential for growth in
both rental income and capital value. I am confident that the Warner Estate and
Bride Hall teams can work together closely to improve both centres
significantly."
-ends-
Date: 20 September 2004
For further information contact:
Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Richard Moore, Property Director Tel: 020-7448-3244
Peter Collins, Finance 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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