Acquisition

RNS Number:3501U
Warner Estate Holdings PLC
19 January 2004

                           Warner Estate Holdings PLC

                  WARNER ESTATE ADDS #7.6M INDUSTRIAL PROPERTY
                               TO CORE PORTFOLIO

Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced that it has acquired a warehouse property in Lancashire for
#7.6 million.

The 135,885 sq. ft. property is used as a manufacturing and warehousing
facility. It is located adjacent to the M62/M57 motorway interchange on the
outskirts of Liverpool in Lancashire. It comprises two buildings on an 8.86 acre
site with parking for 219 cars.

The property is currently let to Business Express Network Services Ltd (part of
the Littlewood mail order operations) on a 15 year lease from June 2003 at a
rent of #550,000 pa and is occupied by JCM Media Ltd on a sublease. The initial
yield on the purchase price is 7.1%.

Commenting on the purchase, Richard Moore, Property Director at Warner Estate
said:

" This acquisition has been made for our core portfolio of property investments
in line with our strategy of using that portfolio to complement our managed
funds.

" The property is in an excellent location near the Northwest motorway network
in an area which we know well and I am confident its secure rental stream and
covenant strength will enhance our asset management performance."

DTZ (Manchester) acted for Warner Estate and DGI Davis George acted for the
vendor, David Samual Properties.

                                     -ends-

Date: 19 January 2004

For further information contact:

Warner Estate Holdings PLC                    City Profile
Philip Warner, Chairman                       Simon Courtenay
Richard Moore, Property Director              Tel: [phone]
Peter Collins, Finance Director
Tel: [phone]
Web: www.warnerestate.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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