London-based Warner Estate has exchanged and completed contracts for the sale of its St Johns Wood High Street estate in London to NW8 Holdings for £39 mln (EUR 43 mln). Warner Estate said the property had a book value of £48 mln at end-September 2008 and contributed £2.1 mln of net annual rent in the year ended 31 March 2008.
London-based Warner Estate has exchanged and completed contracts for the sale of its St Johns Wood High Street estate in London to NW8 Holdings for £39 mln (EUR 43 mln). Warner Estate said the property had a book value of £48 mln at end-September 2008 and contributed £2.1 mln of net annual rent in the year ended 31 March 2008.
The sale was effected through a sale of the company that owned the property, JS Real Estate. Warner Estate will use the proceeds of the sale will be utilised to reduce debt. The group has now achieved property disposals from its wholly owned portfolio totalling £120 mln since 30 September 2008, completing it programme of property sales to reduce debt.
