BourneEnd Properties - Re Contract

RNS Number:7675I
Bourne End Properties PLC
10 April 2000

 
               BOURNE END AGREES PROPERTY SALES TOTALLING #29m                
 
 
Bourne End Properties Plc, ("Bourne End"), the specialist shopping centre
investor, today announces that it has exchanged contracts or completed the
sale of 16 properties for a total consideration of #29m, satisfied in cash
and a small #1.5m vendor mortgage. The sale price compares to a book value,
as at 31st December 1999, of #28.55m and reflects a net initial yield of 8.5%
 
The sales, in three separate transactions to private investors, comprise a
mixture of small non-core properties and a 91,000 sq ft retail and office
centre in Nuneaton which Bourne End acquired two years ago for #9m.
 
The largest disposal is a #24.1m portfolio comprising the Abbeygate Centre in
Nuneaton, accounting for #12m. The remaining sales include a #3.9m portfolio
and two shop units for #1.0m. The sale properties generate a total current
annual rental income of #2.6m.
 
David Roberts, Chief Executive of Bourne End, said: "These sales form the
final stages of our strategy of selling our remaining non-core properties as
we continue to re-focus the portfolio towards in-town shopping centres and
increase our average lot size. Following these sales shopping centres now
account for over 90% of our portfolio and the average size has increased to
almost #11m from #5.5m at the year end."

This latest disposal programme will also result in lower gearing, down from
220% at the year-end to a figure of below 200%, following completion of the
sales.
 
Franc Warwick acted for Bourne End Properties Plc.
 
 

Contact:
     David Roberts, Chief Executive, Bourne End.     Tel: [phone]
     Baron Phillips, Bankside Consultants.           Tel: [phone]

END

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