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3 Apr 2009 07:00
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Warner Estate Holdings PLC
("Warner Estate" or "the Group")
WARNER ESTATEΒ FINALISESΒ SALE OFΒ ST JOHNS WOODΒ AS TARGET DISPOSAL PROGRAMME COMPLETES
Warner Estate Holdings PLCΒ announces todayΒ that it hasΒ simultaneously exchanged and completedΒ contracts forΒ the sale ofΒ its St Johns Wood High Street estateΒ toΒ NW8 Holdings Limited forΒ cash consideration ofΒ Β£39m.Β The sale of the property,Β which had a book value of Β£48m as at 30 September 2008 and contributed Β£2.1m of net annual rent in the year ended 31 March 2008,Β was effected through a saleΒ of the company that owned the property, JS Real Estate Limited.Β TheΒ proceeds of the sale will be utilised to reduce the GroupΒ debt.
The Group has nowΒ achieved property disposals from its wholly owned portfolioΒ totalling Β£120m since 30 September 2008,Β which completes the previously publishedΒ programme of property sales to reduce the Group debt.Β
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Date: 3Β AprilΒ 2009
For further information contact:
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Warner Estate HoldingsΒ PLC |
City Profile |
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Philip Warner, Chairman |
Simon Courtenay |
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Michael Stevens,Β PropertyΒ Director |
Tel: 020-7448-3244 |
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Mark Keogh, Finance Director |
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Tel: 020-7907-5100 |
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Web:Β www.warnerestate.co.uk |
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