Wt Wner Usd Regulatory News (WNER)

8 Mar 2006 14:47

Warner Estate Holdings PLC08 March 2006 WARNER ESTATE MOVES BIRKHENHEAD SHOPPING CENTRES INTO NEWLY FORMED AGORA MAXFUND Warner Estate Holdings PLC ("Warner Estate") has today announced the transfer ofthe Pyramids and The Grange shopping centres in Birkenhead town centre from theAgora Shopping Centres Fund into the newly formed Agora Max Shopping Centre Fund("Agora Max"), both owned 50/50 with Bank of Scotland. This brings the totalvalue of Agora Max to £295 million. Agora Max, which is a Jersey Property Unit Trust, was created in 2005 with theaim of producing consistent high investment returns from the ownership andactive management of a portfolio of sub-regional shopping centres across the UK.The 143,000sq ft (13,284sqm) Pyramids Shopping Centre and adjacent 470,000sq ft(43,663sqm) The Grange Shopping Centre join the 289,725sq ft (26,915sqm)Pallasades Shopping Centre in Birmingham, which was the first acquisition madeby Agora Max in October 2005 for £150 million. Plans were announced in 2005 to amalgamate the two Birkenhead centres, creatinga sub-regional shopping centre and adding 150,000sq ft (13,935sqm) of retailspace, including a 90,000sq ft department store. Leading urban and retailmasterplan architects Leslie Jones have now been appointed to the proposedscheme. As part of a phased programme of development, works are to start soon onthe £2.2million redevelopment of the Pyramids Shopping Centre Food Court. Due tocomplete this summer, the redeveloped Food Court, to be named "the Conservatory", will introduce new tenants BB's Coffee & Muffins, Subway, Say Potato andBurger King. In line with these plans, Warner Estate has appointed a commercial director forBirkenhead to take responsibility for the combined shopping centre and itsfuture growth and development. Derek Millar joins from BTW Shiells in Edinburgh,with over ten years centre management experience at the St James and MultreesWalk Shopping Centres in Edinburgh and the Piazza Shopping Centre in Paisley. Michael Stevens, Property Director at Warner Estate comments: "The formation of Agora Max is a significant milestone in our continuing growth.In line with our active asset management philosophy, we intend to make wellchosen acquisitions of similar sub regional shopping centres in the £100m to£200m bracket. The transfer of the Pyramids and The Grange shopping centres in Birkenhead is agood example. As we progress plans to turn the two centres into a singleextended asset, we are laying sound foundations with the appointment of DerekMillar and the making of immediate improvements, such as our first phaseredevelopment at the Pyramids which will start later this month." -ends- Date: 8 March 2006 For further information contact: Warner Estate Holdings PLC City Profile Philip 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