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RNS Number:0289U
Warner Estate Holdings PLC
14 November 2005

                           Warner Estate Holdings PLC

             WARNER ESTATE ACHIEVES #40MILLION FOR SALE SHOPPING CENTRE



Warner Estate Holdings PLC ("Warner Estate"), on behalf of the Agora Shopping
Centre Fund, its joint venture with Bank of Scotland, has sold the Square
Shopping Centre, Sale to Mar Properties for #40million, reflecting a net initial
yield of 5.7%.



Warner Estate has managed a #7million refurbishment and 6,123 sq m (66,000 sq
ft) extension programme, which has increased both the size of the centre and the
quality of the retail tenant line-up. The 21,390 sq m (230,240 sq ft) shopping
centre has played a key role in the regeneration of Sale town centre. New
lettings were completed earlier this year to New Look, Costcutter and Toykingdom
following lettings last year to Wilkinsons, Quality Save and Peacocks.  This saw
rents for Zone A rise from #32.50 to #54.50 in two years.



Warner Estate manages six other shopping centres in the Northwest on behalf of
the Agora Fund, whose strategy is to invest in shopping centres with strong
asset management potential.



Michael Stevens, Operations Director of Warner Estate commented,



"  This disposal is an excellent example of our ability to unlock the potential
in a centre through active asset management.  Since the completion of the
refurbishment and extension, footfall has increased dramatically. The centre is
thriving with an enviable list of national retailers contributing significantly
to the regeneration of the town centre.



" Our Agora team will continue to focus on  its core strength of adding value to
the remaining six shopping centres in the fund.  We remain fully committed to
the Northwest and are actively seeking new opportunities."



                                     -ends-

Date: 14th November 2005


Warner Estate Holdings PLC                                     City Profile

Philip Warner, Chairman                                        Simon Courtenay
Richard Moore, Property Director                               Oliver Winters
Peter Collins, Finance Director                                Tel: 020-7488-3244

Michael Stevens, Operations Director
Tel: 020-7907-5100

Web: www.warnerestate.co.uk





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