Pallasades Shopping Centre

RNS Number : 3031Z
Warner Estate Holdings PLC
17 July 2008

Warner Estate Holdings PLC

Pallasades Shopping Centre, Birmingham
Birmingham City Council progressing Gateway proposals

Warner Estate Holdings PLC ("Warner Estate") received notification on 16 July 2008 from Birmingham City Council of the making of the
Birmingham City Council (New Street Station City Centre) Compulsory Purchase Order 2008. The Order includes the Pallasades Shopping Centre
which is owned by Agora Max Limited, a 50/50 joint venture with Bank of Scotland. Warner Estate manages the asset on behalf of Agora Max.

The Order follows the granting of Outline Planning Permission in July 2007 for the reconfiguration of New Street Station, the Pallasades
Shopping Centre and land to the south (the "Gateway" scheme). Network Rail are managing the promotion of the scheme on behalf of a number of
public sector bodies including Network Rail, Birmingham City Council and Advantage West Midlands ("the Gateway Consortium"). The City
Council is proposing to use its compulsory purchase powers to ensure that property interests needed for Gateway to be completed can be
acquired.

Agora Max and Warner Estate support, in principle, the creation of a high-quality retail offer above New Street Station, but remain
concerned that the scheme currently being promoted by the Gateway Consortium is not the most appropriate scheme for the City or for the
Pallasades Shopping Centre and that there are a number of important issues which remain unresolved and require further work. Warner Estate
continues to liaise with Birmingham City Council and other members of the Gateway Consortium.

Any objection to the Order must be made by Agora Max and Warner Estate before 29 August 2008. If there are any objections from owners
of interests included in the CPO, a public inquiry will be held in approximately six to eight months time and chaired by an inspector. The
Secretary of State will consider the inspector's report and is likely to announce a decision approximately six months later. If confirmed,
the Order may be implemented within three years i.e. the property interests acquired or possession taken within three years of
confirmation. Compensation under the Order is triggered by the acquisition of property interests or by entry on to the land, not the
making or confirmation of the Order.

If the Order is confirmed and implemented, Agora Max will receive compensation for the interest that is acquired from it. The general
principle of compensation is "equivalence", i.e. to place parties in the financial position that they would have been in had their interest
not been acquired under the Compulsory Purchase Order.

- ends -
Date: 17 July 2008

Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Michael Stevens, Property Director Tel: 020-7448-3244
Peter Collins, Finance Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk

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