WNER Wt Wner Usd

RNS Number:0436D
Warner Estate Holdings PLC
16 May 2006


                      WARNER ESTATE RE-ENTERS CITY MARKET
                      WITH PURCHASE OF EC3 OFFICE BUILDING

Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today announced the purchase of 24-26 Minories, London, EC3 from Hemingway
Properties Limited for #10.85 million. The purchase price reflects a net initial
yield of 5.6% with an uplift in July 2006 to 6.07%.

The 2,338 sq m (25,169 sq ft) purpose built office building was substantially
refurbished in 2000 and will sit within Warner Estate's Core Portfolio. The
building is let until 2009 to Barclays Bank and Groupama UK Services Ltd and
provides a current rental income of #622,225 per annum, increasing to #673,475
per annum in June 2006.

The property lies close to the proposed Aldgate Bus Station Redevelopment site.

Michael Stevens, Property Director of Warner Estate, comments:

" We have not had any City involvement for a number of years. Major developments
are expanding the City boundaries to the East and this building provides a
number of options for the future in a location where rental growth expectations
are good."

" The purchase reflects our stated objective of restructuring our Core Portfolio
through decisions based on asset performance alone. It is a great opportunity -
fast improving market, strong asset management potential off rents in the mid
#20's and just our kind of stock. We would like to find more, similar
investments."

Date: 16 May 2006

For further press information:
Warner Estate Holdings PLC                         City Profile
Mike Stevens, Property Director                    Jonathan Gillen
Tel: 020 7907 5100                                 Andrew Harris
Web: www.warnerestate.co.uk                        Tel: 020-7448-3244
-----------------------------
Redwood Consulting
Kate Hewson
Tel: 020 7828 5553



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

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