3rd Apr 2009 07:00
Warner Estate Holdings PLC
("Warner Estate" or "the Group")
WARNER ESTATE FINALISES SALE OF ST JOHNS WOOD AS TARGET DISPOSAL PROGRAMME COMPLETES
Warner Estate Holdings PLC announces today that it has simultaneously exchanged and completed contracts for the sale of its St Johns Wood High Street estate to NW8 Holdings Limited for cash consideration of £39m. The sale of the property, which had a book value of £48m as at 30 September 2008 and contributed £2.1m of net annual rent in the year ended 31 March 2008, was effected through a sale of the company that owned the property, JS Real Estate Limited. The proceeds of the sale will be utilised to reduce the Group debt.
The Group has now achieved property disposals from its wholly owned portfolio totalling £120m since 30 September 2008, which completes the previously published programme of property sales to reduce the Group debt.
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Date: 3 April 2009
For further information contact:
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Warner Estate Holdings PLC |
City Profile |
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Philip Warner, Chairman |
Simon Courtenay |
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Michael Stevens, Property Director |
Tel: 020-7448-3244 |
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Mark Keogh, Finance Director |
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Tel: 020-7907-5100 |
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Web: www.warnerestate.co.uk |
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