Jul 16, 2005
Slough Estates Plc, a leading provider of flexible business space, today announces that it has entered into options with WB Woodside II, L.P. and WB Heywood L.P. (two limited partnerships managed by Moorfield Investment management Limited a subsidiary of Moorfield Group Limited) owning holding entities, which in turn own two major multi-let estates. If the options are exercised by Moorfield managed partnerships on or before Monday 18th July 2005, this will commit Slough to purchase the entities, at a cost of £276 million, in cash. The acquisition will be funded by existing banking facilities.
The estates held by the entities are on important strategic sites, and provide prime industrial property with high calibre occupiers as well as development land. The addition of these estates would be in line with Slough Estates' strategy of focusing on industrial property, in order to provide flexible business space for its customers. The estates would enhance Slough's existing portfolio of industrial assets in the UK.
Slough Estates is a leading provider of flexible business space in business parks in Western Europe and North America, with over 1500 customers occupying 2,996,967 square metres of business space, with a total value of £3.9 billion. Slough Estates' properties are in suburban locations in close proximity to the main business centres, where there is long term demand for business accommodation to serve these key economic regions. The company's main activities are currently based around London, Brussels, Paris, Amsterdam, Düsseldorf, San Francisco and San Diego and the company continues to develop new business parks with the long term objective of building shareholder value and enhancing its reputation for quality buildings offering excellent value to customers.
www.sloughestates.com
For further information contact:
Slough Estates
Andy Gulliford, Director, Corporate Acquisitions
Tel: 01753 213596
Ian Coull, Chief Executive
Tel: 01753 213342
Shared Value Limited
Emily Bruning
Tel: 020 7321 5027