Wt Wner Usd Regulatory News (WNER)

22 Jan 2007 15:26

Warner Estate Holdings PLC22 January 2007 Warner Estate Holdings PLC APIA REGIONAL OFFICE FUND ACQUIRES ICONIC NOTTINGHAM CITY OFFICE HQ Warner Estate Holdings PLC ("Warner Estate") and Morley Fund Management havetoday announced the strategic acquisition of New Castle House in Nottingham onbehalf of the Apia Regional Office Fund for £15.3million, reflecting a netinitial yield of 5.7%. Purchased from LaSalle Investment Management on behalf of Mars Pension Trustees,the iconic four-storey Headquarters office building provides 67,594sq ft ofair-conditioned office space. The property is fully let to Gala Coral Group andUPS for a further twelve and ten years respectively and the average rent equatesto an overall rate of £13psf inclusive of parking. Following the appointment of Robert Game as Managing Director in November lastyear, this acquisition is in line with a stated strategy to build a UK wideportfolio of town centre and city centre offices in major regional centres,bringing the Fund's total assets to £470million. Michael Stevens, Property Director of Warner Estate comments: "This unique artdeco headquarters property, offers excellent prospects for future rental growthand will benefit from planned investment concentrated in the southern area ofNottingham City centre, including the redevelopment of the nearby BroadmarshShopping Centre and the continued regeneration activity focused aroundNottingham Railway Station." Apia is asset managed by Warner Estate and fund managed by Morley FundManagement. - ends - Date: 22nd January 2007 For further information contact: Warner Estate Holdings PLC City ProfilePhilip Warner, Chairman Simon CourtenayMichael Stevens, Property Director Tel: 020-7488-3244Peter Collins, Finance DirectorTel: 020-7907-5100 Web: www.warnerestate.co.uk This information is provided by RNS The company news service from the London Stock Exchange