13th Sep 2006 12:43
Warner Estate Holdings PLC13 September 2006 Warner Estate Holdings PLC ASHTENNE INDUSTRIAL FUND GROWS WITH £41 MILLION NEW PURCHASES Warner Estate Holdings PLC ("Warner Estate"), the property investment company,has today (13th September 2006) announced the sale of £41.85 million worth ofproperty to the Ashtenne Industrial Fund ("AIF"), which Warner Estate co-manageswith Morley Fund Management, reflecting a net initial yield of 6.4%. The purchase by AIF comprises eight industrial properties from Warner Estate'swholly owned portfolio. Located nationwide, from Abingdon to Manchester, theproperties total circa 530,000sq ft (49,237sqm). Michael Stevens, Property Director at Warner Estate comments, "Warner Estate's key focus in the industrial sector is the Ashtenne IndustrialFund, which has the resources and specialist skills to generate consistent totalreturns through intensive asset management. The sale of these properties fromour wholly owned portfolio to AIF maintains that focus." Karen Fox, Fund Manager at Morley Fund Management, comments: "In a competitive market, this acquisition provides the fund with an opportunityto acquire well located assets which are forecast to add to the fund's overallreturns and provide continued outperformance to investors." This transaction, which results in an increase in AIF's floor space to just over20 million sq ft, follows the purchase in November 2005 of £80million worth ofproperty from Warner Estate's wholly owned portfolio and its former jointventure with Barclays Bank, the Bareway Industrial Fund. - ends - Date: 13th September 2006 Warner Estate Holdings PLC City Profile Philip Warner, Chairman Simon Courtenay Michael Stevens, Property Director Tel: 020-7488-3244 Peter Collins, Finance Director Tel: 020-7907-5100 Web: www.warnerestate.co.uk Morley Fund Management Karen Fox, Fund Manager Tel: 020-7809 6970 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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