Acquisition
Published: 22/08/2005, 07:00
Warner Estate Holdings PLC 22 August 2005 WARNER ESTATE EXPANDS RADIAL FUND WITH £8M ACQUISITION Warner Estate Holdings PLC ("Warner Estate"), the property investment company, has today announced that, on behalf of the Radial Distribution Fund, it has purchased from Standard Life Investments the "Immanis" distribution warehouse facility at Brackmills Distribution Park, Northampton. The £8m price reflects a net initial yield of 7.1%. The property was previously held in Standard Life Investments' Pooled Property Pension Fund. The Radial Distribution Fund, a joint venture launched in 2003 between Warner Estate and Bank of Scotland, currently consists of 9 properties located at major transport intersections across the country. Brackmills Distribution Park is located on the M1 near Northampton, representing a key "Golden Triangle" location for logistics operators. The 11,743 sq m (126,411 sq ft) warehouse is let to Panasonic and currently provides an income of £600,450 per annum. Commenting on the purchase, Richard Moore, Property Director at Warner Estate said: "With businesses placing a premium on well located distribution centres, the acqusition at Brackmills is an excellent addition to the Fund. The warehouse meets Radial's twin objectives of further expanding the Fund, while also singling out opportunities where returns can be enhanced through active management." Standard Life Investments was advised by Burbage Realty, while Bushe Gower advised the Radial Distribution Fund. -ends- Date: 22 August 2005 For further information contact: Warner Estate Holdings PLC City Profile Philip Warner, Chairman Simon Courtenay Richard Moore, Property Director Oliver Winters Peter Collins, Finance Director Tel: 020-7488-3244 Michael Stevens, Operations Director Tel: 020-7907-5100 Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock Exchange