Formation of Property Fund

RNS Number:2789N
Warner Estate Holdings PLC
08 June 2005




            WARNER ESTATE AND MORLEY FORM #254m REGIONAL OFFICE FUND


Warner Estate Holdings PLC and Morley Fund Management have announced the
formation of the Apia Regional Office Fund. The Fund will invest in large office
properties in major regional cities throughout the UK and will be open to
institutional investment via cash or by contributing suitable property assets.

The Fund's portfolio will initially comprise four properties owned by Morley on
behalf of its life fund clients and nine properties owned by Warner Estate, of
which eight were previously in the Skipper Regional Office Fund, a joint venture
between Warner Estate and The Royal Bank of Scotland. The portfolio has a
current rent roll of #17.3m and the total space under management will be 1.1
million sq ft.

The aim of the Fund will be to produce consistent high investment returns from
the ownership and active management of the property portfolio, with the emphasis
on income generation. Warner Estate will act as asset manager, responsible for
sourcing suitable assets and for the active management of the properties and
Morley will act as fund manager, responsible for attracting clients, funding and
overall fund strategy.

Philip Warner, Chairman of Warner Estate commented,

" This is an important step in our stated strategy to increase both the
institutional investor base of our funds and the quantum of property assets
under management. We are very pleased that Morley Fund Management has recognised
the ability of our specialist asset management team to add value and to deliver
an impressive performance. Our objective is to expand the Fund as we target
further properties and Morley attracts further clients."

Richard Jones, Head of Life Property Funds at Morley commented,

" Warner Estate has a track record of delivering outstanding performance from
its stable of property funds. We have been impressed by the quality of its
property team and with the innovative approach it has to adding value to all of
the properties that it manages.

" This joint venture fits with our successful property business model, where we
seek to team up with property partners who are specialists in their chosen
sectors. Morley brings extensive fund management expertise to these
partnerships, whilst drawing on the asset knowledge of the partner.

"The Apia Regional Office Fund will not only be an excellent vehicle for
investors looking to gain exposure to the UK office sector, but also for those
who are looking to diversify their risk and benefit from Warner Estate's
specialist skills by injecting their own properties into the Fund."

Johnny Cameron, Chief Executive, The Royal Bank of Scotland, Corporate Banking
and Financial Markets, commented,

"Our relationship with Warner Estate has been excellent. We are delighted to be
lenders to the expanded fund and we remain impressed with the quality of the
Warner Estate team."

Following the launch of the fund, Warner Estate will have approximately #1.9
billion of property under management. This fund launch follows the announcement
of Warner Estate's recommended offer for fellow quoted property investment
company Ashtenne Holdings PLC being declared wholly unconditional.

DTZ Debenham Tie Leung is acting as advisor to Warner Estate and Morley Fund
Management.

The Apia Regional Office Fund has the following assets, valued at #254 million:

   *Apex 123 in Edinburgh                         (94,683 sq ft)
   *Bath Street, Glasgow                          (88,084 sq ft)
   *St Ann's Wharf, Newcastle                     (58,272 sq ft)
   *Yorkshire House, Leeds                        (81,293 sq ft)
   *Norfolk House, Manchester                     (54,358 sq ft)
   *81 Fountain Street, Manchester                (40,100 sq ft)
   *120 Edmund Street, Birmingham                (137,384 sq ft)
   *Sapphire Court, Solihull                      (86,553 sq ft)
   *Ashton and Norfolk House, Milton Keynes      (140,000 sq ft)
   *Westgate House, Colston Avenue, Bristol       (90,924 sq ft)
   *Oakleigh House, Cardiff                       (41,038 sq ft)
   *Lever & Surrey House, Kingston upon Thames   (159,661 sq ft)
   *St Georges East, Wimbledon                    (44,000 sq ft)
                                                    ___________
                                                1,114,528 sq ft

                                     -ends-

Date: 8 June 2005
For further information contact:

Warner Estate Holdings PLC         Morley Fund Management
Philip Warner, Chairman            Richard Jones, Head of Life Property Funds
Richard Moore, Property Director   Tel: 020-7809-6000
Peter Collins, Finance Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk


DTZ Debenham Tie Leung             The Royal Bank of Scotland
Mike Cutteridge, Director          Shaun Gamble, Media Relations Manager
Tel: 020-7643-6350                 Tel: 020-7672-1921

City Profile
Simon Courtenay
Tel: 020-7448-3244



About Morley Fund Management

Morley Fund Management ('Morley') is a London based, asset management business
with over #128 billion* under management. The property team manages in excess of
#15 billion* of UK and European property assets, making Morley the largest
property fund manager in Europe. Winners of the high profile Property Week Fund
Manager of the Year Award 2004 and the UK Pensions Awards Property Fund Manager
of the Year 2005, the team consists of 60 investment professionals and manages a
range of funds on behalf of institutional, pension and retail clients. Morley
has been at the forefront of innovation in property fund management and has
launched twelve specialist sector based funds with partners, including the
Jersey-based Unit Trusts: Igloo Regeneration Fund, Quercus Healthcare Property,
The Junction and The Mall.

Visit www.morleyproperty.com
*Not including mortgage assets, as at 31/03/05




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

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