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Warner Adds to North West Shopping Centre Fund

LONDON-The Agora Shopping Centre Fund, set up earlier this year by Warner Estate Holdings and Bank of Scotland Corporate Banking, has made its seventh acquisition with the pounds 41.75 million ($70 million) purchase of the Pyramids Shopping Centre in Birkenhead, Merseyside.

By Graham Parker | Updated on June 26, 2003

LONDON-The Agora Shopping Centre Fund has bought its seventh mall in the north-west of England with the £41.75 million ($70 million) off-market purchase of the Pyramids Shopping Centre in Birkenhead, Merseyside fromDunedin Property Retail Fund. The Agora fund, managed by WarnerEstate, has plans to spend £8 million ($13 million) on improvements to the centre.

The Pyramids Shopping Centre is the premier indoor shopping centresceme in Birkenhead. The two-storey mal,l developed in 1989, comprises 143,000 sf of retail space with a 750 space multi storey car park It is anchored by Next; River Island and Etam with Marks & Spencer next door. The net rental income is £3.112million ($5.2 million) per annum representing a net initial yield of 6.92% on the purchase price. This is expected to rise to 7.31% by December 2004 on completion of rentreviews.

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