28th Feb 2005 07:00
Warner Estate Holdings PLC28 February 2005 Warner Estate Holdings PLC WARNER ESTATE IN £48.25M DISPOSAL OF ELLESMERE PORT SHOPPING CENTRE Warner Estate Holdings PLC ("Warner Estate"), on behalf of the Agora ShoppingCentre Fund, its £400 million joint venture with Bank of Scotland Corporate, hasagreed to sell (subject to Landlord's consent) the Port Arcades Shopping Centrein Ellesmere Port to HSBC Shopping Centre Fund III for £48.25million reflectinga net initial yield of 6%. Warner Estate has managed a substantial redevelopment and refurbishmentprogramme, which has increased both the size of the centre and the quality ofthe retail tenant line-up. It now comprises 24,560 sq m (264,361 sq ft) ofspace, anchored by major tenants including Littlewoods, TJ Hughes and Wilkinsonsin three large units, with further units let on long leases to nationalretailers including Argos, Iceland, Peacocks, Boots, New Look, JJB Sports andAdams. The scheme, valued at £38.7 million at 30th September 2004, dominatesthe retail offer in the town and is close to the bus station, library, MarketHall and a large ASDA store. Warner Estate manages seven other large shopping centres in the Northwest onbehalf of the Agora Fund, whose strategy is to focus on larger retail schemeswhere it can add value through major refurbishment and re-development schemes. Richard Moore Property Director of Warner Estate commented, " This sale is an excellent example of our ability to unlock the potential in acentre through active asset management. The Port Arcades now represents a firstclass property investment with a rental income stream secured from an excellentline up of national retailers with strong covenants, who have taken space onlong leases. Since the completion of the re-development, foot fall hasincreased dramatically and the centre is thriving. " Warner Estate's Agora team will now focus on plans for adding value to theremaining seven shopping centres in the Fund. The proceeds from the disposalwill be recycled into our re-development programme, which includes a majorscheme for nearby Birkenhead. We have a long-term commitment to the Northwestand we look forward to reporting further progress." -ends- Date: 28 February 2005 For further information contact: Warner Estate Holdings PLC City ProfilePhilip Warner, Chairman Simon CourtenayRichard Moore, Property Director Oliver WintersPeter Collins, Finance Director Tel: 020-7488-3244 Michael Stevens, Operations DirectorTel: 020-7907-5100 Web: www.warnerestate.co.uk HSBC Specialist InvestmentsChristopher Huxtable,Director responsible for HSBC Shopping Centre Fund IIITel : 020 7992 2750 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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