Birkenhead centres sold for £70m
Published: 04 January, 2012
Grange and Pyramids sold by Lloyds Banking Group at higher than 10 per cent yield
Warner Estate has announced that Agora Max, its 50/50 joint venture with Uberior Ventures (part of the Lloyds Banking Group), has completed the sale of The Grange and Pyramid Shopping Centres, Birkenhead for a cash consideration of £70m,
The property was last valued at £73.9m and generates rental income of £7.3m pa
The proceeds of the sale will be utilised to reduce the debt within Agora Max, which is non-recourse to the Group. The carrying value of the investment in Agora Max on the Company's balance sheet was written down to zero some time ago.
