The three properties formed part of the London & Regional portfolio bough by MWB in April 2000 and comprise almost 140,000 sf of office, retail and leisure space in Baker Street, London W1; Watford, Hertfordshire and Hayes, Middlesex. The buildings currently produce a combined annual net rental income of £1.7 million ($2.6 million), reflecting a yield of 7.08%.
In May MWB announced that it planned to dispose of its assets and businesses by the end of December 2005. MWB Chief Executive Richard Balfour-Lynn said: "These disposals represent the first step in our stated strategy of delivering cash returns to shareholders well above the current share price range."
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