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LONDON-The Agora Shopping Centre Fund has bought its seventh mall in the north-west of England with the £41.75 million ($70 million) off-market purchase of the Pyramids Shopping Centre in Birkenhead, Merseyside fromDunedin Property Retail Fund. The Agora fund, managed by WarnerEstate, has plans to spend £8 million ($13 million) on improvements to the centre.

The Pyramids Shopping Centre is the premier indoor shopping centresceme in Birkenhead. The two-storey mal,l developed in 1989, comprises 143,000 sf of retail space with a 750 space multi storey car park It is anchored by Next; River Island and Etam with Marks & Spencer next door. The net rental income is £3.112million ($5.2 million) per annum representing a net initial yield of 6.92% on the purchase price. This is expected to rise to 7.31% by December 2004 on completion of rentreviews.

Richard Moore, Property Director at Warner Estate said: “The Pyramids Shopping Centreis our seventh major shopping centre for Agora in the North West and we now own and manage shopping centres in Birkenhead,Bolton, Ellesmere Port, Liverpool, Middleton, Preston and Sale. Our North Westshopping centre portfolio has achieved significant scale and we believe that allof these properties have exciting potential for the growth of both rental incomeand capital value.”

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