14th Nov 2005 07:00
Warner Estate Holdings PLC14 November 2005 Warner Estate Holdings PLC WARNER ESTATE ACHIEVES £40MILLION FOR SALE SHOPPING CENTRE Warner Estate Holdings PLC ("Warner Estate"), on behalf of the Agora ShoppingCentre Fund, its joint venture with Bank of Scotland, has sold the SquareShopping Centre, Sale to Mar Properties for £40million, reflecting a net initialyield of 5.7%. Warner Estate has managed a £7million refurbishment and 6,123 sq m (66,000 sqft) extension programme, which has increased both the size of the centre and thequality of the retail tenant line-up. The 21,390 sq m (230,240 sq ft) shoppingcentre has played a key role in the regeneration of Sale town centre. Newlettings were completed earlier this year to New Look, Costcutter and Toykingdomfollowing lettings last year to Wilkinsons, Quality Save and Peacocks. This sawrents for Zone A rise from £32.50 to £54.50 in two years. Warner Estate manages six other shopping centres in the Northwest on behalf ofthe Agora Fund, whose strategy is to invest in shopping centres with strongasset management potential. Michael Stevens, Operations Director of Warner Estate commented, " This disposal is an excellent example of our ability to unlock the potentialin a centre through active asset management. Since the completion of therefurbishment and extension, footfall has increased dramatically. The centre isthriving with an enviable list of national retailers contributing significantlyto the regeneration of the town centre. " Our Agora team will continue to focus on its core strength of adding value tothe remaining six shopping centres in the fund. We remain fully committed tothe Northwest and are actively seeking new opportunities." -ends- Date: 14th November 2005 Warner Estate Holdings PLC City Profile Philip Warner, Chairman Simon CourtenayRichard Moore, Property Director Oliver WintersPeter Collins, Finance Director Tel: 020-7488-3244 Michael Stevens, Operations DirectorTel: 020-7907-5100 Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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