Warner Estate has started discussions with the three lenders on its wholly owned assets to consider potential solutions.
In its interim management statement, Warner said the discussions had commenced on the group’s facilities secured on its wholly owned assets mature in 2012.
Warner has a wholly owned portfolio worth around £250m. It is also asset managing a portfolio, in which it is partially invested, worth £1.4bn.
Discussions are continuing with the lenders to two of the group’s joint ventures: Agora Shopping Centres and Agora Max, both of which are with Uberior Ventures (now part of Lloyds Banking Group) and hold shopping centre properties.
Terms for the refinancing of Agora Shopping Centres are now credit approved. However, discussions continue on the Agora Max facility, which matures on 7 March.
Warner’s third jv, Greater London Offices, is with Barclays and matures in September. It was transferred this month to special servicing within Barclays Capital Mortgage Servicing to allow more time to consider options.
Warner said rental income and management fees have been maintained in line with the six-month period to 30 September 2010.
Warner said: “The property market is uncertain, with considerable variation between sectors, locations and prime and secondary valuations. This is unlikely to change in the short term, pending more clarity over the direction of the economy.
“The group’s emphasis on retaining existing tenants and maintaining income remains paramount in managing both our own mixed, South East-biased portfolio and our funds and joint ventures.”
annabel.dixon@estatesgazette.com
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