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Warner Estate Launches new Fund with pounds 166 Million Industrial Portfolio

LONDON-Warner Estate has bought a pounds 166 million ($260 million) portfolio of distribution warehouses from Morley Fund Management. It plans to use it as the core of a new industrial property fund, to complement its existing retail and office funds.

By Graham Parker | Updated on August 29, 2003

LONDON Warner Estate Holdings and two partners have acquired a £166 million ($260 million) portfolio of industrial estatesand modern distribution warehouses from Morley Fund Management. The net rental income is £12.3 million ($19.3 million) representing a net initial yield of 7.25% on the purchase price.

In partnership with Bank of Scotland, Warner Estate has agreed to purchase eightlarge, modern distribution warehouses for £113 million ($177 million). The properties includethe 316,000-sf Tesco distribution warehouse atBrooklands Business Park in Weybridge, Surrey and the Focus distribution centre atWestern Approach in Bristol.

The properties have been acquired by a 50/50 jointventure company owned by Warner Estate and Bank of Scotland. This portfolio willrepresent the initial core properties in an Industrial Distribution PropertyFund, which Warner Estate will manage. This is the third major property fund launched in 2003 by Warner Estate, following the establishment of the £223 million ($350 million) Agora Fund with Bank of Scotlandin March, focused on Northwest shopping centres, and the £109 million ($170 million) regionaloffice fund launched with The Royal Bank of Scotland in July.

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