WNER Wt Wner Usd

RNS Number:4116L
Warner Estate Holdings PLC
10 October 2001


             WARNER ESTATE PURCHASES LUTON INDUSTRIAL ESTATE
                             FOR #6 MILLION

Warner  Estate  Holdings PLC ("Warner Estate"), the property  investment
company,  has exchanged contracts to purchase the 850 sq. m (82,000  sq.
ft)  Scott Road Industrial Estate, Luton for #6 million. The site,  built
18  months  ago,  has  been purchased from Dencora  Properties  Ltd.  On
reversion and without further lettings, the property generates  a  yield
of 9.02%.

The  property,  which  is  over  80% let, comprises  13  industrial  and
warehousing units ranging from 232 sq. m (2,500 sq. ft) to 1,579  sq.  m
(17,000  sq.  ft). The site generates an income on purchase of  #404,246
per annum.  The property is let to a variety of tenants, including Chubb
Fire Ltd, BSS Group PLC and the Department of Health.

In  addition,  the  estate  includes a  one and a  half acre  site  with
planning  consent  for a further 3,716 sq. m (40,000  sq.  ft)  of  units.
Warner Estate plans to utilise the consent and fully develop the site.

The  purchase follows the recent acquisition for #16.3 million  of  West
Gate,  Bristol, an 8,447 sq. m (90,924 sq. ft) five-story office property
let to Royal & Sun Alliance Insurance Group PLC.

Commenting on the acquisition, Philip Warner, Chairman said:

" This is an excellent  purchase for  Warner  Estate.   Our  strategy  of
expanding  and  enhancing   our  commercial  property   portfolio through 
acquisitions of this type is already generating  value.  We  are actively
looking to acquire well-located investment grade property  such as  Scott 
Road,  and  West  Gate, our recently  announced  purchase  in Bristol.

" Scott  Road is a modern asset with a substantial reversion and planning
consent to expand by 50%. By actively managing the site we can take  this 
asset, utilise the consent and extend it to maximise its potential.

" As  we  have  said recently, we have #100 million available  to  take
advantage  of current market conditions. We regard the current  economic
uncertainty  as  an  opportunity. We will continue  to  look  for  high-
yielding  properties where our active management  strategy can drive forward
returns for shareholders."

For further information contact:

Richard Moore, Property Director     Simon Courtenay
Warner Estate Holdings PLC           Ed Senior
020-7487-3312                        City Profile Group
                                     020-7448-3244
                                     
Web: www.weh-plc.co.uk               Email:  simon.courtenay@city-
                                             profile.com

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