Fog Cutter Capital Group Inc. Reports Real Estate Sale by Bourne End Subsidiary
PORTLAND, Ore.--(BUSINESS WIRE)--April 15, 2002--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 84,000 square foot Prescot Shopping Centre, located in Prescot, England, for GBP 9.05 million ($12.9 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 through 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.
The Prescot Centre is the seventh 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 27% of the original Bourne End portfolio and are in line with the acquiring group's business plan. Bourne End currently owns eight town shopping centers located in England and Scotland. The remaining centers range in size from 96,000 square feet to 330,000 square feet.
The Prescot Shopping Centre is located 7 miles east of Liverpool and serves the community of Prescot. The center provides 84,000 square feet of retail space on two levels, including 28 shops and a supermarket, all in an enclosed environmen |
