Oct 28, 2004
Slough Estates plc, a leading provider of flexible business space, today announces the sale of its 50% interest in Willingdon Park, Vancouver, to its partner, Hospitals Of Ontario Pension Plan, for C$80m.
Willingdon Park is a quality office development, well placed for Vancouver's city centre, which Slough Estates has successfully developed over the last 15 years, so that today the Park has a rental income of C$6 million per annum.
Ian Coull, Chief Executive said: "The sale of Willingdon Park completes Slough Estates' exit from Canada, in line with the company's strategy to refocus its North American business. The sale proceeds will be recycled into new healthscience property developments in Southern California where we believe there are excellent prospects in the medium term. The price achieved for Willingdon Park of C$80 million showed a 12.2% surplus above the previous year-end valuation, and this uplift was recognised in Slough Estates' half-year valuation. "
For further information contact:
Slough Estates plcIan Coull, Chief Executive
Dick Kingston, Finance Director
Tel: 01753 537171
Shared Value Limited
Andrew Best / Emily Bruning
Tel: 020 7321 5022 / 5027
Slough Estates is a leading provider of flexible business space in business parks in Western Europe and North America; with over 1700 customers occupying 2.9 million square metres of business space, with a total value of £3.6 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, 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.