Bourne End - Retail - Property Sales £29m

Date: 10 Apr 2000

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 3lst 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.lm portfolio comprising the Abbeygate Centre in Nuneaton, accounting for £12m. The remaining sales include a £3.9m portfolio and two shop units for £1m. 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."

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