28th Apr 2006 07:01
Warner Estate Holdings PLC28 April 2006 RADIAL ACQUIRES £17.62 MILLION BIRMINGHAM DISTRIBUTION PROPERTY Warner Estate Holdings PLC ("Warner Estate") has today announced, on behalf ofthe Radial Distribution Fund, its joint venture with Bank of Scotland, the£17.62 million purchase of Alpha 1 on Hams Hall National Distribution Park,Birmingham. This reflects a net initial yield of 6.125%. Situated on Birmingham's premier distribution location, the self-contained218,872sq ft (20,333sq m) property incorporates a purpose built, steel portalframed warehouse (14 metre eaves) with ancillary offices. The property is let on a new 15-year lease, providing an income of £1,149,078per annum. Discussions are taking place to enhance the specification and extendthe office capacity. Hams Hall National Distribution Park covers an area of approximately 430 acres(174 hectares). The park is situated close to the national motorway network andhas its own international rail freight terminal. It lies approximately twelvemiles (18 km) north east of Birmingham City Centre and one mile (1.6 km) fromjunction 9 of the M42 motorway. Birmingham International Airport is just eightmiles to the south. Michael Stevens, Property Director at Warner Estate: "This acquisition is an excellent addition to Radial's portfolio of tenproperties across the country. Hams Hall's key Golden Triangle location andstrong tenancy make it an ideal investment, in line with our strategy to buymodern purpose-built stock at major transport intersections. The tenant'sproposed fit out provides additional active asset management potential for theFund." -ends- 28 April 2006 For further information contact: Warner Estate Holdings PLC City ProfilePhilip Warner, Chairman Simon CourtenayMichael Stevens, Property Director Tel: 020-7488-3244Peter Collins, Finance DirectorTel: 020-7907-5100Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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