Warner Estate has appointed investment bank Rothschild to assist it with debt restructuring talks.
The company, which manages office and industrial property funds as well as investing using its own cash, said that Rothschild was helping it negotiate with individual banks as to the most appropriate capital structure for its business.
In an interim management statement this morning Warner, which last year agreed extensions to loan-to-value covenants with its lenders, said that it had reduced the debt on its own portfolio from £349m to £323m thanks to asset sales.
It said that it had also cancelled £75m of hedging on it debt, which reduces its debt liabilities from £20m to £6m, and reduces its overall cost of debt from 4.17% to 3.97%.
Warner said that improved levels of rental performance in its own portfolio and its Ashtenne Industrial and Apia Regional Office funds were wiped out by the fact that it was forced to sell properties in the
