13th Sep 2005 09:25
Warner Estate Holdings PLC13 September 2005 WARNER ESTATE SELLS RADIAL DISTRIBUTION FUND PROPERTY FOR £18.55MILLION Warner Estate Holdings PLC (Warner Estate) has today announced that, on behalfof its Radial Distribution Fund, it has sold its logistics facility in Yate,Bristol to a private individual for £18.55 million. The sale of the 240,000 sq ft warehouse, located on Yate's Great WesternBusiness Park, reflects a net initial yield of 6.24%. Earlier this year,Sainsburys underlet the newly refurbished unit to Morrisons for fourteen years. The property was held in the Radial Distribution Fund, a joint venture launchedin 2003 between Warner Estate and Bank of Scotland, which currently consists ofa portfolio of properties at nine locations, all on major motorwayintersections, ports, airports or rail freight terminals. Richard Moore, Property Director at Warner Estate comments: "The decision tosell the property at Yate follows on from a period of active management for theasset. Despite this disposal we continually seek to grow the Radial DistributionFund and the purchase of the "Immanis" distribution warehouse facility atBrackmills Distribution Park, Northampton last month confirms this." -ends- Date: 13 September 2005 For further information contact: Warner Estate Holdings PLC City ProfilePhilip 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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