Statement Re: Merivale Moore

RNS Number:3897N
Warner Estate Holdings PLC
10 July 2003


                           Warner Estate Holdings PLC

                        STATEMENT RE: MERIVALE MOORE PLC


The Board of Warner Estate Holdings PLC ("Warner Estate"), has noted the
announcement made by Nest Egg Limited and its partners, concerning the proposed
offer to acquire the outstanding issued share capital of Merivale Moore PLC
("Merivale Moore").

Warner Estate has agreed to accept the offer in respect of its holding of
5,031,610 shares representing 25.9% of the issued share capital of Merivale
Moore.

The sale of Warner Estate's investment in Merivale Moore will realise a net
figure of #8.8 million. The proceeds of the disposal will be utilised to reduce
debt and to invest in future commercial property acquisition opportunities.

Philip Warner, Chairman commented,

" Our strategy is to focus on creating alliances with major financial
institutions to co-own and manage large portfolios of commercial property. Our
investment in Merivale Moore was a non-core asset, which, I am delighted to
report, has produced a significant return. We will be using the proceeds to
invest in further opportunities to create significant portfolios of properties
that we will inject into fund vehicles with our partners."


                                     -ends-

Date: 10 July 2003

For further information contact:

Warner Estate Holdings PLC                                   City Profile

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


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

STRGUUCAMUPWUBU