Fog Cutter Capital Group Inc. Reports Additional Bourne End Sale
PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 13, 2001--Fog Cutter Capital Group Inc. (Nasdaq:FCCG), an opportunistic investment group specializing in mortgage and real estate related assets, reports that Bourne End Properties PLC ("Bourne End") has sold the 80,000 square foot Waterbourne Walk Shopping Center, located in Leighton Buzzard, England, for GBP 5.75 million ($8.2 million).
In December, 2000, Fog Cutter Capital Group organized and led a group of investors to purchase all of the outstanding capital stock of Bourne End, a specialist investor in retail property. The Company made its investment via its wholly owned subsidiary, BEP Islands Limited, along with partners Merrill Lynch (Jersey) Holdings Limited (a subsidiary of Merrill Lynch & Co., Inc.) and Greenbau Estuary Limited (an affiliate of Catalyst Capital LLP, formerly known as The Greenwich Group International). At the time of the acquisition, Bourne End had approximately GBP 169.6 million ($245.1 million) of assets and GBP 123.1 million ($177.9 million) of debt. The real estate assets consisted of 1.7 million square feet in fifteen shopping centers.
Waterbourne Walk is the sixth property sold since Fog Cutter and its partners acquired Bourne End. These sales have been consistent with the group's strategy to reposition each of the centers, including new capital expenditures on existing space and new development on excess or adjoining land, with the goal of reselling many of the properties. Based on square footage, these sales represent 22% of the original Bourne End portfolio and are in line with the acquiring group's business plan. Bourne End currently owns nine town shopping centers located in England and Scotland. The centers range in size from 80,000 square feet to 330,000 square feet.
The Waterbourne Walk Shopping Center is located 42 miles north of London and serves the community of Leighton Buzzard. The center is anchored by Waitrose Supermarket and includes 25 other retail units. |
