3rd Oct 2006 17:10
Warner Estate Holdings PLC03 October 2006 Warner Estate Holdings PLC RADIAL DISTRIBUTION MAKES £41.7MILLION ACQUISITION Warner Estate Holdings PLC ("Warner Estate") has today announced, on behalf ofthe Radial Distribution Fund ("Radial"), its joint venture with Bank ofScotland, the acquisition of the Howdens Joinery distribution warehouse atBrackmills, Northampton, for £41.7m, reflecting a net initial yield of 5.94%. The high-specification 483,000sq ft unit is let to MFI for 15 years, with anannual rental income of £2.5million. This is Radial's second purchase in thebusiness park, having acquired the Immanis unit in Brackmills last year for£8million. Michael Stevens, Property Director at Warner Estate comments: "We are pleasedwith this purchase of more stock on this well known distribution park andcontinue to seek further opportunities for Radial close to major transportintersections." John Moran, Head of Bank of Scotland Joint Ventures said: "We are delighted tocontinue the expansion of the Radial Distribution joint venture with our strongpartner Warner Estate." - ends - Date: 3rd October 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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