The six initial shopping centres are the Market Place Shopping Centre in Bolton; the Middleton Shopping Centre in Middleton, Manchester; the Fishergate Shopping Centre in Preston; the Port Arcades Shopping Centre in Ellesmere Port; the Square Shopping Centre in Sale, Manchester and the Cavern Walks Shopping Centre in Liverpool. They have a combined floorspace of 1.54 million sf, with a current rent roll of £15.76 million ($25.2 million) per annum. The current yield is 7.1% with a reversionary yield of 8.4%.
To set up the fund, Warner Estate is selling the three shopping centres that it owns outright at Ellesmere Port, Sale and Liverpool into the Agora Fund for £67million ($107 million). The joint owners now plan to invest approximately £50 million ($80 million) in the future re-development and improvement of the shopping centres
Warner Estate Chairman Philip Warner said: "We are very familiar with the North West and our team has the skills to generate long term performance from these assets. Each shopping centre has a good catchment area with the right demographics and is well positioned in the town. With our plans for the active management of the portfolio, we see excellent potential for growth in both rental income and capital value."
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