icBirmingham - Mail - January 27, 2006
Beatties' Wolverhampton city centre store has been sold for £47 million, it was revealed today. The store, one of the best known sites in the city, has changed hands just days after owners House of Fraser announced 100 jobs were to go at the Darlington Street complex.
House of Fraser said today it had entered into a new 35-year sale and leaseback arrangement on the city centre store. The former Beatties empire, bought last June for £69.4 million by House of Fraser, has faced a turbulent ride with the new owners at the helm.
House of Fraser said today it was also selling and leasing back its store at Birkenhead, Merseyside. Proceeds from both the Wolverhampton and Birkenhead transactions will be used to reduce House of Fraser's debt. The retailer said the stores had been sold to "two separate parties" for a total of £56 million. (The initial yield achieved on the sale and leaseback transactions was less than 4.7% on an aggregated basis according to the Regulatory News Service.)
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Friday, January 27, 2006
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