First disposal by Agora Shopping Centre fund
Warner Estate Holdings, manager of the£400 million Agora Shopping Centre Fund, has sold the Port Arcades Shopping Centre at Ellesmere Port in Cheshire to HSBC Shopping Centre Fund III for nearly£48.3 million, reflecting a 6 per cent yield.

During recent years, Warner has refurbished and extended the centre, which now provides 264,360 sq ft (24,560 sq m) of space. Littlewoods, TJ Hughes and Wilkinson are anchors, with other tenants including Argos, Iceland, Peacocks, Boots, New Look, JJB Sports and Adams. The purchase price compares to a valuation of£38.7 million last September.

Warner Estate property director Richard Moore said: 'The proceeds from the disposal will be recycled into our re-development programme, which includes a major scheme for nearby Birkenhead. We have a long-term commitment to the Northwest.'