Disposal
Published: 13/09/2005, 09:25
Warner Estate Holdings PLC 13 September 2005 WARNER ESTATE SELLS RADIAL DISTRIBUTION FUND PROPERTY FOR £18.55MILLION Warner Estate Holdings PLC (Warner Estate) has today announced that, on behalf of 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 Western Business 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 launched in 2003 between Warner Estate and Bank of Scotland, which currently consists of a portfolio of properties at nine locations, all on major motorway intersections, ports, airports or rail freight terminals. Richard Moore, Property Director at Warner Estate comments: "The decision to sell the property at Yate follows on from a period of active management for the asset. Despite this disposal we continually seek to grow the Radial Distribution Fund and the purchase of the "Immanis" distribution warehouse facility at Brackmills Distribution Park, Northampton last month confirms this." -ends- Date: 13 September 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