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RNS Number:4429A
Warner Estate Holdings PLC
27 March 2006





   WARNER ESTATE CONFIRM COLLABORATION AGREEMENT WITH AYLESBURY VALE DISTRICT
              COUNCIL FOR MULTI MILLION POUND HALE LEYS EXTENSION




Warner Estate Holdings PLC ("Warner Estate"), owner of the Hale Leys Shopping
Centre in Aylesbury, can confirm that it has now entered into a Collaboration
Agreement with Aylesbury Vale District Council as the principal developer for
the multi million pound retail element of the Waterside redevelopment scheme.



Warner Estate will develop 265,000sq ft of new retail space, designed around a
80,000sq ft department store and a 50,000sq ft food store, which will be fully
integrated with the existing Hale Leys Shopping Centre.



Both the Council and Warner Estate hope to create a scheme which will enhance
the existing townscape and provide a natural link between the High Street,
Market Square and the new theatre and entertainment centre on the southern side
of Exchange Street. This will be achieved by making Hale Leys an integral part
of the development.



Property investment company Warner Estate will lead the retail project with
development partner Bride Hall Developments Ltd. The Council has requested that
a short list of architects is invited to propose designs for the scheme and it
is understood this includes Bernard Engle, who worked on previous proposals for
Waterside, and ESA, who have worked on the initial conceptual ideas for Warner
Estate. It is expected that a preferred architect will be announced shortly.



Michael Stevens, Property Director at Warner Estate comments: "We are delighted
to confirm our involvement in this joint project which will greatly enhance
Aylesbury town centre. Our proposed investment in the retail element of
Waterside of close to #100million is intended to complement the existing market
town through high quality design, improving and raising Aylesbury's profile as
an exciting destination for shoppers. We will be providing modern retail units
suitable for the major high street fashion retailers and introducing new
restaurants and cafes. We expect our new investment will create many new job
opportunities in the very heart of the town."



"Our team is now working up detailed plans for the retail and public spaces and
we shall keep the public fully informed of our progress."



Councillor John Cartwright, Leader of Aylesbury Vale District Council, said: "We
are very pleased that a development partner has now been secured for the
regeneration of the northern side of Exchange Street as part of the Waterside
scheme. The Hale Leys Shopping Centre is an essential element of the Waterside
project and our plans to transform Aylesbury into one of the region's most
vibrant and successful places to live, work and shop.



"The retail scheme will benefit local businesses and their customers, and will
also be a major factor in attracting shoppers into Aylesbury from further
afield. It represents a massive step forward in delivering the long-term growth
planned for the district."



                                         -ends-

Date: 27 March 2006





For further information contact:

Warner Estate Holdings PLC                               City Profile
Philip Warner, Chairman                                  Simon Courtenay
Michael Stevens, Property Director                       Tel: 020-7488-3244
Peter Collins, Finance Director
Tel: 020-7907-5100

Web: www.warnerestate.co.uk








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            The company news service from the London Stock Exchange
END

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