WNER Wt Wner Usd

RNS Number:5916O
Warner Estate Holdings PLC
13 December 2001

                    WARNER  ESTATE  BUYS  #97M  REGIONAL

                       OFFICE  AND  LEISURE  PORTFOLIO



Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
has today exchanged contracts with Moorfield Capital Partners, a Limited
Partnership managed by Moorfield Group, a private property company, to acquire
a portfolio of seven freehold commercial properties for #97m.



The purchase is by way of the acquisition of a number of single asset
companies and will be funded from cash resources, existing and new facilities.
   These properties, with the exception of the property in Liverpool, will be
held as current assets.



The main constituent of the portfolio comprises four regional office
properties in Bournemouth, Leeds, Solihull and Redhill purchased for #56m.
These properties produce a total of #4.5m of rental income which is, for the
most part, from long leases to strong covenants including the Secretary of
State for the Environment and St. Paul's.   The other constituents of the
portfolio are:



  * a #26m 2.5acre office and leisure complex in Kingston, Surrey of which a
    significant proportion is let to Lever Brothers on a 70 year unexpired
    lease term;



  * a #11m shopping, leisure and office complex in Liverpool, that includes
    the world famous Cavern Nightclub which will be held within the investment
    portfolio; and



  * a #4m leisure complex in Blackpool to be traded.



The portfolio has a current rental income on completion of #7.5m representing
an initial yield of 7.5% on the purchase price and is reversionary.



Richard Moore, Property Director commented,



"As we confirmed in our interim results announcement, our strategy is to focus
on larger properties that offer significant potential for growing rental
income and capital value.   This acquisition meets those objectives.  We
continue to seek properties in our chosen sectors both for our own portfolio
and for partnership opportunities to enhance growth."



Marc Gilbard, Managing Director of Moorfield commented,



"Warner is purchasing an exciting portfolio with plenty of active asset
management potential in future years.   The privatisation of Moorfield Group
PLC earlier in the year has led to some substantial disposals from its wholly
owned and partnership interests, but Moorfield and its partners also remain
keen to purchase new opportunities that suit the increasingly diverse asset
based portfolio."



Brown Cooper Marples acted for Warner Estate and Fineman Ross acted for
Moorfield Group.



                                    -ends-

 Date:   13th December 2001



For further information contact:


Warner Estate Holdings PLC         City Profile Group
Richard Moore, Property Director   Jonathan Gillen
Peter Collins, Finance Director    Simon Courtenay
020  7487  3312                    020  7448  3244
web:  www.warnerestate.co.uk       e-mail: simon.courtenay@city-profile.com



Moorfield Group Ltd
Marc Gilbard, Managing Director
020  7399  1900

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