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RNS Number:8137U
Warner Estate Holdings PLC
29 November 2005



                           Warner Estate Holdings PLC


        WARNER ESTATE BUYS PRINCIPAL PORTFOLIO FROM CIS FOR #159 MILLION


Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today, announced the purchase of the Principal Portfolio from the
Co-operative Insurance Society (CIS) for #159 million.


The portfolio comprises seven regional office investments throughout the UK, The
Royals Shopping Centre in Southend and seven smaller office properties totalling
#172 million, together with 105 leasehold liability properties accounting for
#13 million.


The seven regional office investments are being purchased by Warner Estate and
Morley Fund Management's ("Morley") newly created Apia Regional Office Fund ("
Apia"). Apia, a specialist property fund, was established in June this year to
invest in large office properties in major regional towns throughout the UK.
Warner Estate is responsible for property asset management and Morley is
responsible for the fund management and regulatory issues.


The seven regional office investments are in Aberdeen, Brighton, Glasgow,
Manchester, Newcastle, Nottingham and Preston


The Royals Shopping Centre in Southend comprises 24,755 sq m (266,470 sq ft) and
key retailers include Tesco, Littlewoods, TK Maxx, Debenhams and Boots. The
shopping centre and other properties will be held in Warner Estate's wholly
owned Core portfolio.


Michael Stevens, Operations Director at Warner Estate commented:


"The acquisitions are a significant first step in expanding the #261 million
Apia Fund towards our stated goal of #750 million under management by 2008. The
purchase of The Royals Shopping Centre also follows our strategy of rebalancing
the retail weighting in our Core portfolio. There are also substantial
opportunities throughout the Principal Portfolio to enhance returns through
active asset management."


Stephan Pater, Chief Operating Officer for CIS, commented:



"This sale has provided a number of positive benefits for our business. As part
of our comprehensive modernisation programme it helps us realise our improved
customer service model which focuses on teams of local financial advisers backed
up by modern, centralised customer contact and support centres.



"At the same time we have used this opportunity to release a number of
investment properties, in support of our planned re-balancing of the CIS
property portfolio, which Axa REIM manage on our behalf."



Sian Humphrey, Fund Manager for Apia at Morley Fund Management commented:



"The Apia Fund was only launched in June so this acquisition is a great step
towards achieving our goal of growing the Fund.  The portfolio we have acquired
is in line with the Fund's investment focus and on completion we will own 20
offices bringing the total assets to #380m.  The Fund offers investors the
opportunity of a diversified exposure to regional offices through an actively
managed portfolio of properties in major regional centres."


                                    - ends -

Date: 29th November 2005


Warner Estate Holdings PLC                                 City Profile

Philip Warner, Chairman                                    Simon Courtenay
Richard Moore, Property Director                           Tel: 020-7488-3244
Peter Collins, Finance Director
Michael Stevens, Operations Director
Tel: 020-7907-5100

Web: www.warnerestate.co.uk

Morley Fund Management

Sian Humphrey, Fund Manager
Tel: 020-7809 8076




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

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