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11 Aug 2011 12:21
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11 August 2011
Warner Estate Holdings PLC
("Warner Estate" or "the Group")
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SALE OF 16 UPPER WOBURN PLACE, LONDON
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Warner Estate announces that, on 10 August 2011, it exchanged contracts for the sale of 16 Upper Woburn Place, London to Staffordshire County Council for cash consideration of Β£18.1m. The sale is due to complete on 12 August 2011. The property had a book value of Β£19.35m as at 31 March 2011 and contributed Β£1m of net annual rent in the year ended 31 March 2011. The net proceeds from the sale of Β£17.4m will be utilised to reduce the Group debt.
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16 Upper Woburn Place, London is the property referred to as being under offer in the announcement on 29 July 2011 of our final results for the year ended 31 March 2011.
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For further information contact:
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Warner Estate Holdings PLC | City Profile |
Philip Warner, Chairman | Jonathan Gillen |
Mark Keogh, Group Managing Director | Simon Courtenay |
Robert Game, Group Managing Director, Property | Tel: 020 7448 3244 |
Tel: 020 7907 5100 | warner@city-profile.com |
Web: www.warnerestate.co.uk |
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