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2 Dec 2008 08:00
Warner Estate Holdings PLC
WARNER ESTATE ANNOUNCES €7.1M SALE IN NETHERLANDS
Warner Estate Holdings PLC ("Warner Estate") announces today the sale of Hazeldonk 6710 in Breda, The Netherlands to a Private Dutch Investor. The sale, undertaken by Warner Estate's wholly-owned subsidiary Ashtenne Netherlands BV, has been agreed at €7.1 million, reflecting a net initial yield of 8%.
Following the transfer of the management of Hazeldonk 6710 into Warner Estate's Radial Distribution Asset Management business ("RDAM") in late 2007, RDAM signed German supermarket chain Lidl to occupy 19,500 sq m (210,000sq ft) taken on a 10-year lease at €31.20psm (€2.90psf) in July 2008.
Simon Wigzell, Managing Director of RDAM, comments: "We identified an opportunity at Hazeldonk to enhance returns through a significant letting and having secured Lidl on a long-leasehold, we have progressed to the last stage of our strategy for this asset. The sale allows us to progress similar asset management initiatives across our portfolio."
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Date: 2 December 2008
For further information contact:
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Warner Estate Holdings PLC |
City Profile |
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Philip Warner, Chairman |
Simon Courtenay |
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Michael Stevens, Property Director |
Tel: 020-7488-3244 |
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Mark Keogh, Finance Director |
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Tel: 020-7907-5100 |
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Web: www.warnerestate.co.uk |
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