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Warner and RBoS Form New Office Fund

LONDON-Warner Estate has injected six provincial office buildings worth pounds 109 million ($175 million) into a new fund managed jointly with Royal Bank of Scotland.

By Graham Parker | Updated on July 24, 2003

LONDON-Warner Estate and the Royal Bank of Scotland have followed the launch of their Agora shopping centre fund with a second joint venture specializing in offices. This time Warner has injected six provincial office buildings worth £109 million ($175 million) into an office fund, to be called the Regional Fund.

The fund will aim to produce high returns from large office buildings in the UK’s provincial office centres. The initial six properties are the 94,683-sf Apex 123 in Edinburgh; the 86,541-sf Sapphire Court in Solihull near Birmingham; the 153,396-sf Lever House and Surrey Court in Kingston, South-West London; 88,084 sf in Bath Street, Glasgow; the 80,187-sf Holland House in Bournemouth and the 78,738-sf Yorkshire House in Leeds. This portfolio has a current rent roll of £8.49 million showing an initial yield of 7.27% with a reversionary yield of 7.54%.

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