Acquisition

SAVILLS PLC 6 September 1999 SAVILLS PLC Property Purchase The Directors of Savills plc ('Savills') are pleased to announce that, through Grosvenor Hill Ventures Limited ('GHV'), a wholly-owned subsidiary, Savills has exchanged contracts for the purchase of a 150,000 sq ft outlet shopping complex in Batley, West Yorkshire known as Skopos Mills. The mill will be renamed Batley Mills Shopping Village. The consideration is £7.25m payable in cash, £3m of which will be payable on completion with the remainder deferred over a period of 21 months. The gross rental income for the year ended 31 December 1998 was approximately £530,000 at a time when half the property was under construction; income is anticipated to increase significantly after refurbishment. The property has been acquired by a wholly owned subsidiary of GHV, Batley Mills Limited. GHV is financing 65% of this acquisition through a bank loan, with the balance to be met by Savills group cash balances. Aubrey Adams, Managing Director of Savills, commenting on the acquisition said: 'This is an exciting further extension of the business of GHV, which co-invests as a principal. Our intention is, in conjunction with a partner, to develop Batley Mills into one of the leading outlet shopping complexes of its type in the UK'. Contact: Aubrey Adams, Managing Director, Savills plc 0171 409 9923 Chris Manning, Director, Grosvenor Hill Ventures Limited 0171 409 9934 Andy Yeo, Buchanan Communications 0171 466 5000

Companies

Savills (SVS)
UK 100