Wt Wner Usd Regulatory News (WNER)

17 Apr 2007 09:04

Warner Estate Holdings PLC17 April 2007 Warner Estate Holdings PLC ("Warner Estate") APIA REGIONAL OFFICE FUND ACQUIRES ST MAGNUS HOUSE IN ABERDEEN Warner Estate Holdings PLC ("Warner Estate") and Morley Fund Management havetoday announced the acquisition of St Magnus House in Aberdeen on behalf of theApia Regional Office Fund ("Apia") from Stainton Capital (Foxhound) Ltd ("Stainton") for £23.7million. This reflects a net initial yield of 5.76% andreversion to 5.88% on conclusion of newly created car space lettings. St Magnus House is a prime city centre office building overlooking Aberdeenharbour and provides 80,180sq ft (7,449 sq m) of refurbished office space oversix floors with 129 car parking spaces. The property is fully let on six leases to CNR International (UK) Ltd, LundinThistle Ltd, the Scottish Ministers and Nestor Primecare Services Ltd. Thecurrent rental income of £1.443million per annum equates to a low average rentalrate of £18.00 per sq ft. Robert Game, Managing Director of Apia comments: "St Magnus House represents an excellent acquisition for the Fund, complementingits existing holding in the City. Aberdeen is a favoured location due to thestrength of its economy and the restricted supply of good quality office space." The Apia Regional Office Fund is one of a few specialists investing solely inoffices outside Central London. This acquisition follows the purchase of NewCastle House, Nottingham in January this year and takes the Fund to £497 millionacross 22 properties. Apia is asset managed by Warner Estate and fund managed by Morley FundManagement. - ends - Date: 17th April 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