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Non-Tech : Fog Cutter Capital, formerly Wilshire REIT -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (37)	12/5/2001 10:05:28 PM
From: leigh aulper	Respond to of 44

Fog Cutter Capital Group Inc. Reports Progress of Bourne End Investment PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 5, 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 190,000 square foot Hart Shopping Center, located in Fleet, England, for GBP 34.2 million ($48.3 million). In November, Bourne End also sold four other properties, totaling 97,000 square feet, for GBP 9.9 million ($14.0 million). Bourne End is a specialist investor in retail property, currently owning ten town shopping centers located in England and Scotland. The centers range in size from 80,000 square feet to 330,000 square feet. In 2000, Fog Cutter Capital Group organized and led a group of investors to purchase all of the outstanding capital stock of Bourne End. 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 original real estate portfolio consisted of 1.7 million square feet in fifteen shopping centers. The recent sales are 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 ultimate goal of reselling many of the properties. On a square footage basis, these sales represented 17% of the Bourne End portfolio and were in line with the acquiring group's business plan. The Hart Shopping Center is located 34 miles to the South West of London and provides the principal shopping facilities for the town of Fleet. The center is anchored by Waitrose Supermarket and a new F. W. Woolworth store developed this year by Bourne End. The center also includes 56 other retail units. The property was developed in 1990 and most of the tenants are on 25 year leases.