Disposal
Published: 14/11/2005, 07:00
Warner Estate Holdings PLC 14 November 2005 Warner Estate Holdings PLC WARNER ESTATE ACHIEVES £40MILLION FOR SALE SHOPPING CENTRE Warner Estate Holdings PLC ("Warner Estate"), on behalf of the Agora Shopping Centre Fund, its joint venture with Bank of Scotland, has sold the Square Shopping Centre, Sale to Mar Properties for £40million, reflecting a net initial yield of 5.7%. Warner Estate has managed a £7million refurbishment and 6,123 sq m (66,000 sq ft) extension programme, which has increased both the size of the centre and the quality of the retail tenant line-up. The 21,390 sq m (230,240 sq ft) shopping centre has played a key role in the regeneration of Sale town centre. New lettings were completed earlier this year to New Look, Costcutter and Toykingdom following lettings last year to Wilkinsons, Quality Save and Peacocks. This saw rents for Zone A rise from £32.50 to £54.50 in two years. Warner Estate manages six other shopping centres in the Northwest on behalf of the Agora Fund, whose strategy is to invest in shopping centres with strong asset management potential. Michael Stevens, Operations Director of Warner Estate commented, " This disposal is an excellent example of our ability to unlock the potential in a centre through active asset management. Since the completion of the refurbishment and extension, footfall has increased dramatically. The centre is thriving with an enviable list of national retailers contributing significantly to the regeneration of the town centre. " Our Agora team will continue to focus on its core strength of adding value to the remaining six shopping centres in the fund. We remain fully committed to the Northwest and are actively seeking new opportunities." -ends- Date: 14th November 2005 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