Letting at Cavern Walks

RNS Number:0014O
Warner Estate Holdings PLC
28 July 2003





                        AGORA SIGNS VIVIENNE WESTWOOD AT

                        LIVERPOOL'S CAVERN WALKS CENTRE



Warner Active Management, asset manager to the Agora Shopping Centre Fund (a
joint venture between Warner Estate Holdings PLC ("Warner Estate") and Bank of
Scotland), has let a retail unit to internationally renowned fashion designer
Vivienne Westwood at its Cavern Walks Shopping Centre in central Liverpool.

Vivienne Westwood is taking a 15-year lease on a 1,715 sq. ft unit to create a
flagship boutique in Liverpool. It will be Vivienne Westwood's third store
outside London. The letting is part of Agora's strategy to transform the Centre
into Liverpool's premier exclusive fashion destination. Other tenants include
upmarket designer fashion boutiques, Drome and Cricket. Cricket have
simultaneously signed to take a 15 year lease of extended premises accounting
for 5,920 sq. ft and further strengthening the exclusive fashion branding of the
Centre.

Cavern Walks is world renowned for housing the Cavern Club, a venue made famous
by the Beatles. Agora hopes to add further high fashion labels and a near
#1million refurbishment of the Centre is about to get underway, which will
encourage further complementary lettings.

Richard Moore, Property Director of Warner Estate commented,



" We are delighted Vivienne Westwood has chosen Cavern Walks for their flagship
boutique in Liverpool. This is a coup, which emphasises the place of Liverpool
and Cavern Walks in particular on the fashion map. We have worked hard to
preserve the historical link with the Beatles and we are convinced this
positions the Centre well with high-fashion retailers.

" We have been successful in attracting other designer boutiques including
Cricket and Drome. Both these operations are ranked very highly in the area.
They are both trading well in Cavern Walks, where the tourists visiting the site
undoubtedly boost the numbers of shoppers, as evidenced by Cricket's commitment
to expand its presence.

" The choice of Liverpool as European Capital of Culture in 2008 will only
increase the buzz and the sense of nostalgia surrounding Cavern Walks. We are
confident that the retail element of the Centre will continue to perform well
and the added attraction of Vivienne Westwood will further enhance its profile."

                                     -ends-


Date: 28 July 2003

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



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