16th Nov 2005 14:00
Warner Estate Holdings PLC16 November 2005 Warner Estate Holdings PLC ASHTENNE INDUSTRIAL FUND GROWS WITH £80 MILLION NEW PURCHASES Warner Estate Holdings PLC ("Warner Estate"), the property investment company,has today (16 November) announced the purchase of £80 million worth of propertyby the Ashtenne Industrial Fund ("AIF"). AIF is a limited partnership between Ashtenne Holdings Limited ("Ashtenne") andMorley Fund Management ("Morley"); Ashtenne is responsible for property assetmanagement and Morley is responsible for the fund management and regulatoryissues. Industrial Funds Limited ("IFL"), a joint venture between Warner Estateand Anglo Irish Bank, bought Ashtenne in May 2005 and this is AIF's first majorportfolio transaction since. The purchase by AIF comprises all the properties from the Bareway IndustrialFund ("Bareway"), Warner Estate's joint venture with Barclays Bank, andproperties from Warner Estate's wholly owned portfolio. Morley led theacquisition due diligence on the transaction to ensure the right assets for AIFwere acquired, and the result has been an increase in AIF's floor space by wellover 1million sq ft, from 16.74 million sq ft, and an increase in the Fund'svalue to c.£860 million. The properties from Bareway were four high-yielding multi-let industrial estatesin the South and South East of England, totalling some 415,000 sq ft (38,553sqm) and sold for £28.9 million. The purchase from Warner Estate's portfolio comprised 12 industrial properties,located nationwide, totalling approximately 754,000sq ft (70,046sq m) and soldfor £51.1m. Michael Stevens, Operations Director at Warner Estate comments, "Following the purchase of Ashtenne in May, Warner Estate's key focus in theindustrial sector is the Ashtenne Industrial Fund. The sale of these propertiesfrom Bareway and our wholly owned portfolio to AIF will enable us to maximiseour resources for continued outperformance by AIF." Karen Fox, Fund Manager at Morley Fund Management, comments: "This acquisition allows AIF to increase its South East property exposure in acompetitive market with assets which can be actively managed to add to theFund's continued outperformance." Martyn Bowes, Head of Barclays Property Finance team, comments: "The transfer of the Bareway portfolio at a meaningful premium to theacquisition cost reinforces our ability to extract value from strategicpartnerships with our core property clients." - ends - Date: 16th November 2005 Warner Estate Holdings PLC City Profile Philip Warner, Chairman Simon CourtenayRichard Moore, Property Director Oliver WintersPeter Collins, Finance Director Tel: 020-7488-3244Michael Stevens, Operations DirectorTel: 020-7907-5100Web: www.warnerestate.co.uk Morley Fund ManagementKaren Fox, Fund ManagerTel: 020-7809 6970 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wt Wner Usd