Strutt & Parker - Retail Sale - Yorkshire Shopping Centre Portfolio

Date: 13 Nov 2002

Morley Fund Management, represented by Strutt & Parker, has sold three of its smaller shopping centres to Dawnay Day and the regional development agency Yorkshire Forward, for a total of £60 million, reflecting a yield profile of 7% - 7.5%. Details are as follows:

- The Metropolitan Centre, Barnsley, sold to Yorkshire Forward. The 13,749 sq m (148,00 sq ft) shopping centre has a net annual income of approximately £2.1 million.

- Spring Gardens, Buxton, sold to Dawnay Day. The centre extends to 8,265 sq m (89,000 sq ft) and has a net annual income of over £1million.

- The Salters Shopping Centre, Droitwich, sold to Dawnay Day. The centre extends to 12,785 sq m (137,571 sq ft) and has a net annual income of £893,588.

Morley acquired the three centres earlier this year, together with Kings Walk in Gloucester and the Westgate Centre in Stevenage by purchasing Delancey's interest in the Norwich Union Milner Retail Partnership, a 50:50 Limited Partnership in which all five centres were held. Morley has retained the two larger centres in Gloucester and Stevenage for further asset enhancement and extension.

Chris Paterson of Morley Fund Management comments:
"The disposal of the three centres is in line with our strategy and we are delighted with the result."

Chris Geaves, Head of Strutt & Parker Retail comments:
"It is particularly satisfying to be involved in the transaction of these centres once again having previously advised on the establishment of the original limited partnership in which the centres were held with Delancey. This is an excellent sale for all parties."

Yorkshire Forward acted for themselves, while Stockford Staunton acted for Dawnay Day.

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